The Nasdaq stock market lists its first cannabis listing today, marking a monumental day for the US cannabis industry. Cronos Group Inc. already trades in Canada and will be the very first cannabis company on the Nasdaq exchange. This new listing could bring life back to the ‘Green Rush’ in the states that have been losing steam because of the less-than-cannabis-friendly federal administration.
Cronos CEO and founder Mike Gorenstein is excited for the future of Cronos but also for the whole industry in the states. “It’s very significant for the company and the whole industry,” Gorenstein said in an interview with the Financial Post. “It’s a huge moment—just shows the stigma is continuing to erode on cannabis.”
Medical cannabis has been legal in Canada since 2001 and, eventually, will be the first country to completely legalize the sale of recreational cannabis. This is drastically different than what is happening in the United States, where Jeff Sessions has actually lifted memos that protect legally operating cannabis companies. With this fact, Gorenstein is realistic that investors may be slow to jump back on the green train.
“A lot of U.S. investors still are unsure about the legality: There’s not a lot of awareness about the fact that it’s federally legal in Canada versus the U.S.,” he said. “By listing on Nasdaq, it will open up the opportunities for a lot of U.S. investors that otherwise were unsure—even on the institutional level.” After the news of Cronos’ expansion into NASDAQ, their share price surged which is a great sign for this new chapter for Cronos Group Inc.
Cronos operates two production facilities in Ontario and British Columbia, and has operations internationally in Israel and Australia. It also has access to over 12,000 pharmacies in Germany.
The company will trade under the "CRON" ticker symbol on the Nasdaq, along with U.S. tech heavyweights, such as Apple and Google.Posted: Wednesday, February 28th, 3:10am 7 months ago
Cara Wietstock is a native Californian living in Washington state with almost a decade of budtender experience and even more stoner experience. While she's not pontificating on the current state of cannabis for Roottie, she is practicing yoga, sipping CBD infused teas and hiking through the Pacific Northwest.