Aurora Cannabis will begin trading at the New York Stock Exchange (NYSE: ICE)on Tuesday, October 23. The Canadian cannabis company is following in the footsteps of Canopy Growth (NYSE: CGC), which also moved up from the OTC Markets Group to the venerable halls of the NYSE. While the iconic Exchange is happy to list the cannabis shares, don’t expect the red carpet to be rolled out.
Canopy Growth was not allowed to ring the opening bell at the Exchange. “They wouldn’t even let us ring the smaller bell on the floor,” CEO Bruce Linton recently said. So Aurora will probably not get any better treatment from the NYSE. (That’s okay guys, they won’t let Green Market Report deliver news from the floor either.)
Shareholders will not need to do anything with regards to their shares, but the company suggests that investors check their brokerage accounts to make sure the change is reflected. New investors will probably begin to include players with deeper pockets like institutional money. It opens up investments from more ETF’s and mutual funds that won’t touch stocks on the OTC Market. That will bring more volume. If Canopy Growth is a good example, Aurora’s stock is likely to jump higher.
The stock’s 52-week low was $2.20 and the year high was $12.52. The stock was lately trading at $9.97. Aurora recently chose to take some profits of its own with regards to its holdings in The Green Organic Dutchman (TGOD). Aurora owned over 39 million shares of TGOD. Between October 10 to October 16, 2018, Aurora sold roughly 5,783,200 shares for approximately $32,867,131 at a price of $5.68 per share, representing 2.2% of the issued and outstanding Shares of TGOD.
The sale was was for investment purposes and in accordance with applicable securities laws. At one point, Aurora owned 18.8% of TGOD, but now that has dropped to 15.3% including warrants.