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Canopy seeks to become first marijuana producer traded on New York Stock Exchange

Canada’s market leader in medical marijuana has applied to trade its shares on the New York Stock Exchange, a move that would make it the first cannabis-producing company to list on the world’s largest stock market.

Smiths Falls, Ontario-based Canopy Growth said in a news release it expects its shares to begin trading on the NYSE “before the end of May” under the symbol CGC.

Analysts say the clout that comes with a listing on the NYSE could help Canopy attract institutional capital – and will ultimately bring the medical marijuana industry within reach of more mainstream investors.

“Listing on the NYSE should significantly widen shareholder attention to Canopy,” Toronto-based Beacon Securities analyst Vahan Ajamian wrote in a research note.

Canopy will continue trading on the Toronto Stock Exchange under the ticker symbol WEED.

The company had been pursuing a listing on the Nasdaq, but CEO Bruce Linton chose the NYSE because of the additional credibility it lends the company, according to Bloomberg.

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