Canadian cannabis producer OrganiGram Holdings Inc (OTC: OGRMF) plans to join the list of cannabis companies listed on the NASDAQ exchange.
What To Know
OrganiGram on April 26 said it applied to have its stock listed on the NASDAQ Global Select Market. In anticipation of the listing, the company will file a Form 40-F Registration Statement with the U.S. Securities and Exchange Commission.
In connection with filing the Form 40-F, OrganiGram also has refiled its annual financial statements for the last two fiscal years to include statements in the audit report of its independent registered public accounting firm that the financial information was filed in accordance with the International Financial Reporting Standards.
The listing is subject to the approval of the NASDAQ and the satisfaction of all requirements. OrganiGram will retain its stock on the Canadian TSX Venture Exchange.
Why It's Important
It's a positive sign for the cannabis industry that more companies are feeling confident to list their stock on a major exchange. This gives investors the opportunity to diversify their portfolio and access more information, since NASDAQ-listed companies are subject to stricter compliance.
If successful, OrganiGram will become the third Canadian cannabis company to list on NASDAQ after Tilray Inc (NASDAQ: TLRY) and Cronos Group Inc (NASDAQ: CRON).
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