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Canopy Growth (TWMJF) Lists on TSX After NASDAQ Denies MassRoots

Ryan Allway

June 8th, 2016

News, Top News

[stockchart symbol=TWMJF]

Canopy Growth Corporation [stockquote symbol=TWMJF] (TSX-V: CGC), Canada’s largest licensed producer of medical marijuana under the MMPR, recently announced that it has received conditional approval from the Toronto Stock Exchange (TSX) to graduate from the TSX Venture Exchange, representing another major industry milestone. Listing on the national exchange could increase its visibility among institutional investors interested in the space.

The announcement comes shortly after MassRoots Inc. [stockquote symbol=MSRT] was denied a listing on the NASDAQ in the United States. At the time, the U.S. exchange indicated that listing the company’s stock could be construed as aiding and abetting the distribution of illegal substances under federal law. Canopy Growth’s success stems largely from the fact that Canada has legalized medical marijuana on a national level.

“With this decision, we believe that the NASDAQ has set a dangerous precedent that could prevent nearly every company in the regulated cannabis industry from listing on a national exchange,” said MassRoots Inc. CEO Isaac Dietrich at the time. “This will have ripple effects across the entire industry, making it more difficult for cannabis entrepreneurs to raise capital and slow the progression of cannabis legalization in the United States.”

Canopy Growth must meet certain standard requirements on or before September 1 before listing on the TSX, but management expects to satisfy all of these requirements and make a subsequent announcement when the TSX issues a bulletin.

“The sector is growing rapidly and we have focused on maintaining our leadership position as it grows,” said Canopy Growth CEO Bruce Linton. “Listing on the TSX will bring even more visibility and credibility as we pursue domestic and international business.”

Shares of Canopy Growth Corp. were unchanged in early trading on Wednesday.

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.

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