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Feb. 27 was a historic day for the cannabis movement.
That’s when shares of Cronos Group began trading on the NASDAQ with the ticker symbol “CRON.”
This is the first time a company that “touches marijuana plants” is listed on a major U.S. stock exchange.
This week, Canopy Growth (TSE: WEED) announced that it plans to list shares on the NASDAQ. That news immediately sent shares up 5%, before they pulled back.
The CEO of Aurora Cannabis (TSE: ACB) also says he’s considering a listing on the NYSE, NASDAQ or the London Stock Exchange.
The listing of Canadian shares on a major U.S. exchange opens up the market for new investors.
These stocks have historically traded primarily in Canada. Most of the stocks also trade in the U.S. on the OTC BB or Pink Sheets.
Cronos’ NASDAQ listing indicates that major U.S. stock exchanges are embracing the sector.
Investors will be much more comfortable buying these cannabis stocks on a major exchange. That will ultimately increase liquidity for the shares and make it easier to buy and sell.
In December, the New York Stock Exchange listed shares of the Alternative Harvest ETF (NYSE: MJ). This is a fund that invests in 30 cannabis sector stocks.
NASDAQ and NYSE approval for cannabis stocks is huge positive. After a short period of consolidation, this could fuel the next phase of the bull market.
For the week, cannabis stocks were posting healthy gains.
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Pot Stock Briefing
Nevada Cannabis Sales Top $195 Million
Sales figures are in for the state of Nevada. During the last six months of 2017, the state generated sales of $195 million. Tourism appears to be contributing to the strong sales. Las Vegas attracts over 40 million visitors every year.
Colorado & Washington Sales Exceed $1 Billion
Meanwhile – the states of Colorado and Washington – have allowed recreational sales of cannabis since 2014. Sales figures for the recent six-month period show $478 million for Washington state, and $581 million in Colorado. Combined, the two states had sales of over $1 billion.
Aurora Cannabis Raises C$230 Million
Aurora Cannabis just secured $230 million in new financing. The funds will help fund the acquisition of CanniMed. The company also plans to build a 1-million-square-foot cannabis production facility in Denmark.
Market Snapshot
Weekly Performance (Monday – Friday midday):
- North American Index: +7.6%
- Horizon Medical Marijuana ETF: +3.6
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