Canadian marijuana Goliath Aurora Cannabis (NYSE:ACB) filed to list its shares on the New York Stock Exchange (NYSE) earlier this month, and yesterday its shares began trading on the exchange under its new symbol, ACB. The move to the NYSE opens the door for investors who previously avoided buying because they didn’t want to buy — or were prohibited from buying! — Aurora Cannabis shares in the over-the-counter market or on the Toronto Stock Exchange.
Here’s why the company’s move to the NYSE is important and what you should know about this cannabis company before investing in it…
A major market disruption
Most of the $150 billion that changes hands every year in the marijuana market occurs on the illicit black market, but increasingly, legalization is bringing these transactions out of the shadows and onto regulated marketplaces.
In the U.S., 30 states have passed laws allowing medical marijuana’s use, and nine states, including California, have passed laws establishing recreational marketplaces. But despite growing momentum in the U.S., marijuana remains illegal on a federal level, and that’s unlikely to change anytime soon.
The story’s different in Canada. A nationwide medical marijuana market has been thriving since rule changes in 2014 cleared the way to regulating growers and retailers, and this month Canada became the first of the G7 countries to legalize marijuana’s recreational use nationwide.
Although it remains to be seen how large Canada’s marijuana market will be, estimates suggest that the biggest cannabis companies in Canada could be about to profit from billions of dollars in additional sales. According to Statista, medical marijuana sales in Canada were roughly…
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