On Jan. 8, the Canada-based producer of cannabis said it applied to list its stock on the NYSE and filed a registration statement on Form 40-F with the US Securities and Exchange Commission. CannTrust will be trading under the ticker CTST. It will also continue to list its shares on the Toronto Stock Exchange.
The upgrade to the NYSE should help CannTrust access a much larger pool of investors, who would be more willing to invest in a NYSE-traded stock.
More investors would be willing to buy CannTrust shares because of its NYSE-listing, because these stocks are subject to more transparent and scrutinized reporting standards compared to over-the-counter stocks.
The ETFMG Alternative Harvest ETF (MJ) was trading at $36.19 per share on Wednesday afternoon, up $0.56 (+1.57%). Year-to-date, MJ has gained 11.27%, versus a 4.72% rise in the benchmark S&P 500 index during the same period.
This article is brought to you courtesy of Benzinga.