Smiths Falls, Ontario-based Canopy Growth is swapping one inventory change for one other, departing the New York Stock Exchange (NYSE) in favor of the Nasdaq in an effort to save cash.

Canopy, which reported a lack of 128 million Canadian {dollars} ($97 million) in its most up-to-date quarter, mentioned the transfer is efficient after market shut on Nov. 13.

The firm’s first day of buying and selling on the Nasdaq is anticipated to be Nov. 16.

“Making the transition to Nasdaq also provides us with greater cost-effectiveness and access to a suite of tools and services that will help us connect more efficiently with our current and future investors,” CEO David Klein mentioned in a information launch.

Canopy follows the lead of Aphria, which made the same transfer earlier this yr to decrease prices.

The Nasdaq usually has decrease ongoing itemizing charges than the NYSE, “with an order of magnitude for the annual saving of the low-hundreds of thousands of dollars,” Jefferies analyst Owen Bennett wrote of the Aphria transition in May.

After the transition, Canopy shares will proceed to commerce as CGC, the image it at the moment uses on the NYSE.

Canopy additionally trades as WEED on the Toronto Stock Exchange.

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