Aurora considers listings on U.S., U.K. exchanges
WINNIPEG Another one of Canada’s biggest marijuana producers is exploring a listing on an international exchange.
Aurora Cannabis Inc. is “absolutely ” looking at trading its shares on the Nasdaq Stock Market, the New York Stock Exchange or the AIM, a division of the London Stock Exchange, chief executive officer Terry Booth said Tuesday.
While the company is already attracting a high volume of investors in Canada, more banks and institutions are looking to get into the market, he said.
“We’re all over it,” Booth said. “We’ll look at all exchanges, we’ll look at New York Stock Exchange.”
Last month, Cronos Group Inc. became the first Canadian marijuana company to trade on Nasdaq alongside companies such as Apple Inc. and Microsoft Corp.
Canopy Growth Corp., Canada’s first marijuana unicorn that now has a market value of $6.52 billion, has said it intends to list on Nasdaq.
Aurora, with a market value of $5.75 billion, is doing due diligence on the U.S. market before it pursues a potential listing since marijuana remains illegal at the federal level, Booth said. The company is looking at listing on an exchange that makes the most sense, he said.
“Cronos broke that barrier, and good on 'em, it’s excellent for everybody,” Booth said.
The move toward U.S. listings is another step in legitimizing Canada’s marijuana industry and is positive for all firms, said John Fowler, chief executive of Supreme Cannabis Co. The licensed producer will be watching closely how others trade in the U.S., he said.