Canopy Growth applies to list shares on NYSE

Canopy Growth, the Smith Falls, Ont.- based cannabis company, has applied to list its shares on the New York Stock Exchange.
Bruce Linton is the founder and CEO of Canopy Growth, based in Smiths Falls, Ont. (Evan Mitsui/CBCNews)

Canopy Growth, the Smith Falls, Ont.- based cannabis company, has applied to list its shares on the New York Stock Exchange.

Canopy is already one of the largest marijuana companies in Canada and its shares trade on the Toronto Stock Exchange under the symbol WEED. But the move to cross-list on the NYSE may open the company up to new investors in the United States.

Canopy becomes the first Canadian pot company to list on the NYSE. But smaller rival Cronos Group made a similar cross-border leap earlier this year, listing on the Nasdaq.

Unlike some smaller pot firms, Canopy has no assets or operations in the United States, so it won't run afoul of any American laws. While legal in some states, recreational cannabis use is still illegal on the federal level.

Canopy, worth just over $6 billion at current prices, says its shares will list under the symbol CGC on the NYSE, while continuing to trade on the TSX too.

"A trading date will be made public once all regulatory formalities are satisfied," Canopy said in a press release.

Canopy shares moved higher on the TSX on Monday, up about 6.9 per cent to $32.38 on the TSX.