The Toronto Stock Exchange (TSX) is a stock exchange located in Toronto, Canada. It’s the leading stock exchange in the country, and one of the largest in the world in terms of market capitalization. Cannabis company TerrAscend now wants to be part of it, recently announcing its application to list its common shares on the TSX.
TerrAscend recently announced it is seeking TSX listing. The company plans to carry out an internal reorganization in order to meet the TSX’s minimum listing requirements. For it to happen, its shareholders would have to first meet to hold a vote seeking approval.
In addition, the listing of the Common Shares on the TSX must be based on review by the TSX and is dependent on compliance with all regulatory and listing requirements. While the application is an important step in this process, there is no guarantee that the TSX will give the green light to this listing or that the reorganization will be completed by the firm.
Jason Wild, CEO of TerrAscend, added comments on the recent move. “While the United States regulatory environment continues to evolve, we are grateful for the leadership of the TSX, which provides issuers with sensible oversight and regulation in a complex sector to ensure investor protection and capital markets integrity. We look forward to the opportunity to list on the TSX in the near future.”
Further details of the reorganization are expected to be disclosed prior to the filing of the proxy statement for TerrAscend’s annual general meeting. The company appears to be quite interested as TSX offers a wide range of services to its members, including securities trading and clearing, liquidity provision and securities registration. The exchange also provides a platform for the issuance of new securities and the placement of existing securities.