Canadian licensed marijuana producer Cronos Group will be the first marijuana company ever to list on a U.S. Stock exchange.
The company has been approved by the Securities and Exchange Commission to begin trading on the NASDAQ under the ticker symbol “CRON” starting on February 27th.
Being licensed as a Canadian business for the impending recreational marijuana market in Canada is what has allowed the company to bypass the fact that in the U.S.
marijuana is still illegal on a federal level. Investors in the U.S. are allowed to invest in Canadian marijuana stocks.
“It’s very significant for the company and the whole industry,” remarked Mike Gorenstein, Cronos founder and chief executive officer. “It’s a huge moment — just shows the stigma is continuing to erode on cannabis.”
The company has a market value of $1.4 billion.
