Canopy Growth has decided it needed a change of scenery. The cannabis company has been listed on the NYSE under the ticker symbol CGC, but is now going to move to the NASDAQ exchange, according to a press release it issued yesterday. The shift will be an easy one, with the company retaining its same ticker at its new location. As with most business decisions, it comes down to a simple matter of economics.
The transition will take place after the markets close on November 13, when Canopy Growth will no longer be a part of the NASDAQ family. The following Monday, November 16, CGC will go live on the NASDAQ Global Select Market, and all current retail and institutional investor shares will automatically be shifted. The last day for trading of CGC shares on the NYSE will be November 13.
Canopy Growth CEO David Klein indicates that the move is primarily focused on the cost savings that the company will enjoy from the shift. He explains, “By making the move over to Nasdaq, we are joining some of the world’s leading companies that share our passion and focus for innovation. 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.”
The company is also getting ready to provide its latest financial update. It announced this past Monday that it will release its financial results for the second quarter of fiscal year 2021, which ended on September 30, prior to the opening of the markets on November 9. Canopy Growth plans on holding an audio webcast in conjunction with the release that day, and Klein will participate in the call with the company’s executive VP and chief financial officer, Mike Lee. That call is expected to kick off at 10 AM Eastern Time.