Marijuana producer Canopy Growth Corp. (CGC) began trading on the New York Stock Exchange Thursday, making it one of two Canadian pure-play marijuana stocks to list on a major U.S. exchange.
Canopy Growth fell 3.8% to 29.07 in Thursday’s stock market trading. Cronos Group (CRON), became the first Canadian marijuana company to list on the Nasdaq in February, eased 1.4%.
Canopy’s common shares listed on the TSX will continue to trade under the ticker symbol WEED.
Earlier this year, CEO Bruce Linton expressed interest in listing the company on the Nasdaq.
Canopy’s announcement comes as the stigma of investing in a marijuana company wears away. Constellation Brands (STZ), the owner of Corona, took a stake in Canopy last year.
It also marks the wearing away of boundaries between the U.S. and Canada. Marijuana is federally illegal in the U.S. But in Canada, recreational legalization will likely take hold this year.
Marijuana Stocks To Invest In
Cannabis tech and infrastructure outfit TILT Holdings is “absolutely” considering listing on a U.S. exchange after the company merges.
Aurora Cannabis has also considered listing on the New York Stock Exchange or Nasdaq. Aurora last week agreed to acquire rival MedReleaf.
Meanwhile, U.S. marijuana companies have found ways to broaden their footprint by looking northward. Green Thumb Industries is planning reverse-takeover deals to go public in Canada.
U.S. marijuana dispensary chain MedMen plans to go public in Canada via a reverse takeover deal with Ladera Ventures. Ladera trades on the TSX Venture Exchange in Canada. Ladera announced the reverse takeover deal last month. MedMen also has agreed to form a joint venture with Cronos.
There are also more indirect marijuana stocks to invest in, such as Scotts Miracle-Gro (SMG), which sells hydroponic equipment used in growing weed. And GW Pharmaceuticals (GWPH) makes seizure-fighting drugs containing cannabidiol.
Marijuana-focused ETFs, like ETFMG Alternative Harvest (MJ) and AdvisorShares Vice ETF (ACT) track the cannabis industry.
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