Canadian licensed producer of medical and recreational cannabis, CannTrust Holdings Inc. (TSX:TRST) (OTC:CNTTF) (FRA:C9S) has finally satisfied all the regulatory requirements to up-list its OTC-traded common shares onto the New York Stock Exchange, joining Aphria Inc. (NYSE:APHA) (TSX:APHA), Aurora Cannabis Inc. (NYSE:ACB) (TSX:ACB), Canopy Growth Corp. (NYSE:CGC) (TSX:WEED), and more.
Beginning on Monday, February 25th, 2019, CannTrust Holdings’ common shares will begin trading on the NYSE under the ticker symbol “CTST” instead of on the OTC markets under the ticker symbol “CNTTF”. Up in Canada, the company’s common shares will continue to be listed on the Toronto Stock Exchange under the ticker symbol “TRST”.
“We are continuously looking to deliver shareholder value and the NYSE listing is a natural progression for CannTrust,” commented Peter Aceto, Chief Executive Officer of CannTrust Holdings.
“We have taken steps to strengthen our management team to accelerate our growth as we face high demand for our products and expertise, both domestically and internationally. Specifically, we have recently hired Greg Guyatt as Chief Financial Officer, who has demonstrated experience in international capital markets. We expect the NYSE listing will result in an expanded institutional and retail shareholder base, increased capital markets exposure and firmly establish CannTrust as a global company.”
Since the announcement, the price for shares of CannTrust has climbed measurably to $9.60 USD per share as traders looked to get in ahead of the move. Once listed on the New York Stock Exchange, shares of the licensed producer will likely experience a bump in liquidity and trading volume due to the fact that NYSE-listed securities offer increased investor reach, trust, and transparency versus OTC-traded stocks.
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