CannTrust Holdings Inc. (TRST), a licensed medical cannabis producer, announced today that is has been granted approval to commence trading on the Toronto Stock Exchange (TSX), effective March 5, 2018. Shares of the company will continue to trade under the symbol TRST.
Recently the company was awarded a Health Canada Sales License for the 250,000 square foot Phase 1 expansion of its 46 acre Niagara Region cannabis production facility.
As part of its listing on the TSX, the company will voluntarily delist itself from the Canadian Securities Exchange (CSE), effective by the close of trading on March 2, 2018.
“Graduating to the TSX reflects the amazing progress we have made since listing on the CSE in August last year and represents yet another important milestone for CannTrust as we continue our successful journey as one of Canada’s leading cannabis companies” said Eric Paul, Chief Executive Officer of CannTrust, in a statement.
InMed Gains Conditional Approval
In related news, InMed Pharmaceuticals Inc. (IN), a pre-clinical biopharmaceutical company specializing in cannabinoid-based medicines, announced today that it had been granted conditional approval to list its shares on the TSX.
“Graduating to the TSX is a significant accomplishment for InMed,” said Eric A. Adams, CEO and President of InMed, in a statement. “This milestone furthers our corporate goal of securing a leadership position in this high-growth sector. InMed is one of only a few pure-play cannabinoid biopharmaceutical companies to be trading on one of the world’s senior stock exchanges.”
Final approval of the listing remains dependent on the company fulfilling certain customary listing conditions by May 29, 2018. This would include a divestment in any assets held in the United States cannabis industry; where cannabis is still federally illegal. One company, Aphria Inc., has already begun to divest from the US market, and more are sure to follow as Canada prepares launch recreational cannabis sales later this year.
Like CannTrust, InMed will voluntarily delist its from the CSE once granted final approval. Shareholders will not have to change their stock certificates or take any further action.