Approval for NYSE listing this week
The Post's Victor Ferreira writes that on Thursday, Aphria submitted its registration to list its shares on the New York Stock Exchange, making it the second Canadian producer to pursue a listing on the NYSE this month. Aphria's bid followed that of Aurora Cannabis, which announced Thursday that its shares will begin trading on the NYSE as of Oct. 23 after receiving approval, and earlier moves to secure U.S. listings by Canopy and Cronos. Paul Rosen, chief executive officer of Tidal Royalty, which invests in U.S. cannabis companies, says that Wall Street not only opens these companies up to a new pool of investors but grants them a chance separate themselves from competitors. "These companies are in a Texas cage match level of competition among each other," said Mr. Rosen, who is also a former CEO of Cronos. "They're all following a successful path laid down by others ... to increase their ability to raise capital from multiple sources and ultimately lower their cost of capital, which would be a competitive advantage to their peers" who fail to secure a U.S. listing.