Canopy Growth Corp (TSE:WEED) saw its stock pop Tuesday on news of plans for a NASDAQ listing.
The new bit of news from Canopy Growth Corp comes as more marijuana stocks look to list themselves on the NASDAQ. This includes an announcement from rival Cronos Group (NASDAQ:CRON) that it is the first pot company from Canada to list on the stock exchange.
While WEED stock was up on the news, the company has yet to say when it is planning to list itself on the NASDAQ. Instead, we simply know that CEO Bruce Linton is working toward that goal. Linton made this known during a statement last week.
Despite not know exactly when WEEK stock will list on the NASDAQ stock exchange is will possibly be in the next few months. This will likely increase the stock price and could have a positive impact on other marijuana stocks that may want to list on the NASDAQ, reports Seeking Alpha.
“When Constellation put money into our business, the number of U.S. institutional investors interested in us went way up,” Linton said in a statement obtained by Reuters. “The Nasdaq is doing a great job not allowing people to list who break federal laws and that’s a place where we should list in due course.”
Vahan Ajamian, an analyst for Beacon Securities, says that Canopy Growth Corp will likely join other marijuana stocks on the NASDAQ in the second quarter of 2018.
WEED stock was up 4% s of Tuesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.