Cannapany on May 27, 2020 No Comments
The cannabis company is changing stock exchanges as it looks to reduce expenses
Global cannabis venture Aphria Inc. has just announced a change in the stock exchange in which it is listed. Yesterday, the company announced the transfer of its stock appearance from the New York Stock Exchange (NYSE) to The Nasdaq Global Select Market (Nasdaq), which will take place on Friday, June 5, 2020, keeping the same symbol “APHA.” This change will not affect, in any way, the primary stock listing the company has on the Toronto Stock Exchange.
In a news release issued on Tuesday, Irwin D. Simon, CEO of Aphria, said that this move reflects the company’s strategy to operate with reduced costs; the listing fees on the Nasdaq exchange are generally lower than NYSE fees. “We are excited to have Nasdaq as our new exchange partner. This move is a reflection of our ongoing commitment to find cost-effective ways of operating so we can continue to deliver long-term value to shareholders,” said Simon. “Additionally, as a purpose-driven company, we believe Nasdaq will be a good fit for Aphria, particularly given our focus on, and the progress we have made, integrating ESG practices across our business.”
According to Bob McCooey, Global Head of Capital Markets, Nasdaq, “With over 76% of Nasdaq-listed companies reporting on at least one ESG metric, we welcome Aphria to the Nasdaq family as they strive to integrate ESG best practices across their business and add strategic value to all of their stakeholders.” Aphria has been going through a good period in which has posted its fourth successive profitable quarter last April.
According to Jeffries equity analyst Owen Bennett said in a note to clients, “Against this backdrop, and in light of Aphria’s strong balance sheet and Aurora’s recent acquisition of a U.S. CBD company, another possible read here could be M&A, and a move into the U.S. potentially on the radar.”
Congratulation!