The world’s third largest “pot stock” plans to start trading on the New York Stock Exchange.
It’s a stamp of approval from America’s storied stock exchange…
And could send this budding growth stock surging.
The company is Aurora Cannabis (OTC: ACBFF).
It’s a major player, with a $9.5 billion market capitalization. Only Canopy Growth (NYSE: CGC) and Tilray (NASDAQ: TLRY) are larger, with market values of $10.9 billion and $13.7 billion.
Aurora stock primarily trades on the Toronto Stock Exchange. The stock also has a dual listing Over the Counter or “OTC” in the U.S.
On Friday, Aurora filed Form 40-F with the SEC. Inside that form, Aurora announced plans to list the stock on the New York Stock exchange before the end of October.
It’s known as an “up-listing” when a stock gets upgraded to a larger stock exchange.
And it creates a big profit opportunity.
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That’s because many investors won’t BUY stocks that trade OTC. In fact, many institutional investors, mutual funds, and pension plans have strict rules that don’t allow them to trade these stocks.
It’s no surprise that some of the best performing pot stocks are listed on the NASDAQ and NYSE, including Canopy Growth, Cronos (NASDAQ: CRON) and Tilray.
Today, Aurora Cannabis stock trades at a discount to cannabis stocks trading on a major U.S. exchange. That ranges from a 21% discount to Canopy Growth to an 81% to Tilray.
Aurora is a major player – expected to produce 430,000 kg of cannabis annually. That’s slightly behind Canopy Growth – with estimated production capacity of 500,000 kg.
Once Aurora shares are trading on the NYSE, I’d expect that discount to close.
The NYSE listing will make it easier and less costly for many individual investors to buy the stock. Plus, the listing gives Aurora credibility and separates it from the hundreds of OTC-listed pot stocks.
Most folks will simply BUY Aurora Cannabis shares – and wait for the stock price to rise.
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