Aurora Cannabis is poised to be the next major marijuana stock on the NYSE
Shares of Aurora Cannabis Inc TSE: ACB, a medical marijuana producer and distributor in Canada, will soon be available to investors on the United States market. Aurora officially filed with the New York Stock Exchange this week and the company plans to have its shares listed there by the end of October.
Aurora is currently traded on the Toronto Exchange, which is significantly smaller than the NYSE, which is the largest stock market exchange in the world. The jump from the TSE to the NYSE is significant for any company. The total market capitalization of all stocks on the TSE is roughly $3 trillion, while the NYSE’s stocks total more than $23 trillion. Aurora’s proposed ticker symbol is ACB.
Before filing with the NYSE, Aurora faced the same issues as Canopy Growth and Tilray before them – it was out of reach of most U.S. investors. Since listing on U.S. exchanges, the market caps of Canopy Growth, Tilray, and Cronos have all increased significantly. Aurora has reason to anticipate a significant boost in November.
Aurora has attracted attention lately with a string of high-profile acquisitions. The company is heavily investing in expanding its production capacity through indoor growing and greenhouses. It projects a capacity of 570,000 kilograms of marijuana by early next year.
According to some sources, Aurora’s recent acquisitions are already paying off. The company reported sales of CA$16.1 million in the third quarter followed by CA$19.1 in the fourth. Aurora ended the fiscal year up 206 percent from the previous year at CA$55.2 million.