Canadian cannabis company Aleafia Health Inc. (ALEAF) has submitted an application to list its shares on the NASDAQ (NDAQ) exchange. The stock is currently trading in the OTC Markets Group in the U.S. and the Toronto Venture Exchange in Canada.
“Listing on the NASDAQ is another step as we continue to execute on our stated goal of attaining a global leadership position in the cannabis space,” said Aleafia Chairman Julian Fantino.
The company said it also intends to submit a Form 40-F, which is a requirement for Canadian companies to register securities it intends to offer on U.S. markets, to the Securities and Exchange Commission (SEC) later this week. The listing remains subject to NASDAQ and SEC approval.
Until that is approved, the shares will continue to trade on the OTCQB under the ticker symbol “ALEAF”. Aleafia’s common shares will also continue to trade on the TSX Venture Exchange under the ticker symbol “ALEF” post-NASDAQ up-listing.
Aleafia is hoping to join other Canadian cannabis companies that have found a home at the NASDAQ. Those include biotech company GW Pharmaceuticals (GWPH), Insys Therapeutics (INSY), Cronos Group (CRON) and Tilray (TLRY). High Times Holding Co. has also applied but hasn’t found the exchange to be as welcoming as some of these other cannabis-related companies.
“Management believes that listing on the NASDAQ will help to broaden our shareholder base, increase appeal to institutional investors, provide shareholders with better liquidity and, ultimately increase shareholder value, allowing Aleafia to rapidly accelerate our business strategy,” said Aleafia CEO Geoffrey Benic.
Aleafia listed the following points as some of the companies highlights:
- 160,000 sq. ft. Niagara greenhouse retrofitting on schedule and expected to be complete in late 2018
- Fully funded annual growing capacity of 38,000 kg of cannabis flower to be reached in 2019
- Signed supply MOU with CannTrust Holdings Inc. for up 15,000 kg of cannabis in 2019
- Planning of Aleafia’s Port Perry expansion underway, with all production options on the table, including an innovative, ultra low-cost outdoor grow
- Reached milestone of 50,000 medical cannabis patients
- Secured first medical cannabis sale in company’s history, only days after securing Sales Licence from Health Canada
- Added to Horizons Marijuana Life Sciences ETF, the largest cannabis ETF in the world