Aphria Inc (APHQF), a maker of medical marijuana and cannabis oil products, announced Tuesday that its common shares have been approved for listing on the NYSE.
The shares, which are currently trading over-the-counter, are to begin trading on the Big Board Nov. 2 under the ticker symbol "APHA."
Simultaneously, the ticker symbol for its Toronto-listed shares will change from APH to APHA.
"Listing on the NYSE provides Aphria with access to the largest equity market in the world, with increased exposure to a vast array of U.S. institutional and retail investors," Aphria CEO Vic Neufeld said in a statement.
"This strategic move aligns directly with our growth ambitions as we enter an elite peer group of respected, high-profile corporate brands listed on the NYSE."
Incidentally, tobacco company Altria Group Inc (MO)is contemplating a minority investment in Aphria.
Like many cannabis companies, Aphria has been bulking up to expand its reach. In January, the company announced a deal to buy Nuuvera for $670 million in cash and stock. The target company works with partners in Germany, Italy and Israel.
Aphria completed the acquisition of Vancouver Island-based premium cannabis producer Broken Coast Cannabis in February for $175 million in cash and stock. This deal is expected to augment Aphria's annual production capacity by 10,500 kg to 230,000 kg.
No comments:
Post a Comment