Canopy Growth Corporation gets conditional approval to list shares on TSX
Canopy Growth Corporation is poised to become the first cannabis producer to be traded on the Toronto Stock Exchange. On June 8, the Smiths Falls, ON-based firm received conditional approval to graduate from the TSX Venture Exchange and list its common shares on the TSX.
Canopy Growth was the first federally approved, publicly traded cannabis producer in North America when it listed on the TSX Venture Exchange in April 2014. It was also the first geographically diversified producer with multiple production licenses and the first in the sector to surpass $100M market capitalization.
“Graduating to the TSX, and to be the first in the sector to achieve it, is a major accomplishment for our team,” said a statement Bruce Linton, Chairman and CEO, Canopy Growth. “The sector is growing rapidly and we have focused on maintaining our leadership position as it grows. Listing on the TSX will bring even more visibility and credibility as we pursue domestic and international business.”
Final approval of the listing is subject to Canopy meeting certain standard requirements of the TSX on or before September 1, 2016. Canopy Growth said it expects to satisfy all of the requirements and will make a further announcement once the TSX has issued a bulletin confirming the date on which trading on the TSX will commence. Once the the final listing requirements have been achieved, Canopy Growth’s common shares will be delisted from the TSX Venture Exchange.
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LaBarge Weinstein acted as counsel to Canopy Growth Corporation with a team that included Debbie Weinstein, Tayyaba Khan and Kyle Lavender.
Update: Canopy Growth Corporation graduated to the TSX on July 26, 2016. The Common Shares began trading on the TSX effective as of the open of the market on July 26, 2016. Upon listing on the TSX, the Common Shares will continue to trade under the symbol “CGC”. Stay tuned for a future update.