As more and more cannabis-related companies go public in Canada, all of the good marijuana-related tickers seem to be getting snatched up.
Canopy Growth Corp. (NYSE:CGC) (TSX:WEED) already has “WEED” on lock, Lineage Grow Company Ltd. (CSE:BUDD) took “BUDD” since “BUD” was already taken by Satori Resources Inc. (TSXV:BUD) (OTC:STRRF), and “NUG” is in use by NuLegacy Gold Corp. (TSXV:NUG) (OTC:NULGF).
When it comes to cannabis-related words that are 4 characters or less, “POT” is one of the few remaining tickers up for grabs in Canada. With the stock symbol expected to become available for reservation and usage on February 1st, 2019, listed issuers and applicants alike have lined up for a chance to grab this memorable ticker.
Due to the overwhelming interest in having “POT” as a ticker, the Canadian Securities Exchange, collectively with Toronto Stock Exchange, TSX Venture Exchange, and Aequitas NEO Exchange, “have jointly determined to allocate the “POT” stock symbol by way of a collective lottery process, notwithstanding the symbol reservation procedures of each Exchange.”
Who’s Eligible for the Ticker Lottery?
The lottery for the “POT” ticker symbol is open to issuers currently listed on any exchange listed above or applicants who have made listing applications to any exchange listed above.
Special purpose acquisition corporations, a.k.a. “SPACs”, capital pool companies, a.k.a. “CPCs”, and other “shell” issuers are only eligible to participate for the purpose of securing a symbol for the resulting issuer of an in-progress qualifying acquisition, qualifying transaction, or reverse takeover, as the case may be.
For clarity, ETFs and issuers that do not have an active operating business are not eligible to participate.
How Does the “POT” Lottery Work?
To participate in the lottery process, eligible participants must notify the exchange upon which they are currently listed, or seeking to be listed, of the intent to participate in the lottery process. This notice must be received by the relevant exchange no later than 5:00 p.m. EST on January 29th, 2019. No fees to the applicable Exchange are payable in order to participate in the lottery process.
The “POT” stock symbol will be assigned on January 30th, 2019 by random lottery, and the selected eligible participant will be notified by the applicable Exchange. The selected eligible participant will have 90 days following the lottery to effect a stock symbol change to “POT” if currently a listed issuer on an Exchange or 90 days following the lottery to obtain a listing with the stock symbol “POT” if an applicant to an Exchange.
Extensions beyond this 90-day period will not be provided, and if a listing under the new symbol is not effected within 90 days, in either case, this lottery process will be repeated by the Exchanges details of which will be later announced.
The symbol reservation will be non-transferrable and only the selected participant will be permitted to use the symbol.
As companies line up for a chance to win the discarded ticker from Potash Corporation of Saskatchewan Inc., now called Nutrien Ltd., we’ll be sure to keep you posted. In the meantime, be sure to subscribe to updates here so you never miss an important update.
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