Canopy Growth already boasts a distinguished list of firsts for a cannabis company. It became the first publicly traded, federally regulated cannabis company in North America. And it was the first company to be included in the S&P/TSX Composite index. This week, Canopy Growth will set another first. On Thursday, the company’s common shares will begin trading on the New York Stock Exchange under the ticker symbol CGC.
Canopy Growth Approved As First Pure-Play Cannabis Company On NYSE
Canopy Growth is a major player in the growing field of cannabis venture capitalism. With a large U.S. growing platform and operations in seven other countries across four continents, along with two subsidiaries, the company is helping drive the global expansion of the medical cannabis market.
Listing on one of the most prestigious stock exchanges in the world is a major level up for Canopy. Just five years ago, the company was a small start-up based in Smiths Falls, Ontario.
“I am exceptionally proud of our team for what they have built and what we will continue to build by continuing our focus on research, product innovation and intellectual property to drive the industry forward around the world,” said Canopy Growth CEO and Chairman Bruce Linton in a press release.
Through the close of business on May 23, 2018, Canopy Growth’s common shares were listed on the OTC Pink under the symbol TWMJF.
When the opening bells ring on the floor of the NYSE at 9:30 a.m. on May 24, 2018, those same shares will begin trading under the symbol CGC.
The company’s shares on the TSX will continue to trade under the ticker symbol WEED.
Canopy Growth Company Planning To Expand Domestic Grow Operations
Canopy Growth bills itself as a world-leading diversified cannabis and hemp company specializing in medical cannabis. For example, the company has created distinct brands and produced innovative varieties of cannabis flower, oil, and Softgel capsules.
Additionally, Canopy has established multiple partnerships with leading cannabis industry brands. In fact, they boast relationships with iconic cannabis entrepreneur Snoop Dogg, breeders DNA Genetics and Green House seeds, and many others.
Moreover, the company plans to leverage those relationships to expand its U.S. growing operations. Currently, Canopy operates eight cannabis production sites with over 2.4 million sq. ft. of production capacity. By the end of the year, it hopes to increase that capacity to 5.6 million sq. ft. to meet the expanding adult-use market’s new demands.
Furthermore, Canopy Growth is in an excellent position to take advantage of the rapidly developing global market for medical cannabis. One of the company’s two subsidiaries, Canopy Health Innovations, invests heavily in cutting-edge research and IP development. Its other subsidiary, Canopy Rivers Corporation, provides resources for new companies entering the market.