HEXO will be the sixth cannabis stock to join a major United States exchange
Cannabis grower HEXO Corp. (NASDAQOTH:HYYDF) is slated to become the fourth marijuana stock to list on the New York Stock Exchange and the sixth to join a large United States Exchange. In a recent interview with the Montreal Gazette, HEXO CEO Sebastien St-Louis revealed plans to list the company on the exchange by December.
HEXO will join the growing trend of cannabis companies abandoning the over-the-counter (OTC) exchange in favor of more reputable trading in the U.S. The move follows the likes of Cronos Group, Canopy Growth Corp., Tilray; Aurora Cannabis, and Aphira, all of which have joined major U.S. exchanges since February.
Uplisting to the NYSE is expected to boost HEXO’s credibility and appeal. Several trading institutions are prevented by internal policies from purchasing any OTC stocks. Listing on the NYSE paves the way for a marijuana company to be picked up by more Wall Street firms.
Before applying to join the NYSE, HEXO made some major money moves. The company secured a long-term supply agreement in Canada and signed a joint venture deal with Molson Coors Brewing all within the last six months.
In the near future, Molson and HEXO will begin developing cannabis-infused beverages. The new non-alcoholic drinks made with CBD are not yet legal in Canada, but that is not stopping the companies from dealing in the emerging alternative drink segment.
The drinks are just one of the many products HEXO has under development in the alternative consumption market. The company is working on various products not-yet-legal in Canada including edibles, vapes, and cannabis concentrates.