The major American cannabis company Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) received approval to commence trading on the Toronto Stock Exchange and authorization to kick off adult-use sales in New York.
On Tuesday, Curaleaf announced that its shares will be listed on the TSX Dec. 14 and that the state’s Office of Cannabis Management (OCM) had granted the company recreational approval on Friday.
“This uplisting will ultimately provide significantly higher access to an even broader set of institutional investors from around the world and increase our stock’s liquidity long term,” Curaleaf’s Executive Chairman Boris Jordan said. He added that he looked forward to being in Toronto for the opening bell on Thursday.
The company will delist from the Canadian Securities Exchange once the market closes on Dec 13. Curaleaf will distribute vapes, flower and edibles from its Select and Grassroots brands at a series of dispensaries in New York. One of those, the MJ Dispensary, celebrates its grand opening at 4:20 pm eastern time on Tuesday in Rochester.
“We are pleased that the OCM has taken the next step to allow existing registered operators the opportunity to participate in the adult use market,” said Matt Darin, CEO of the company.
*Curaleaf Begins Adult Use Wholesale Ops in NY#NewYork 🇺🇸 #Cannabis 🌿 /position $CURLF https://t.co/rQS1FyKFwR pic.twitter.com/hSx3guMVej
— Todd Harrison (@todd_harrison) December 12, 2023
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Others to enter the market
New York’s first adult-use cannabis sale took place at the Housing Works Cannabis Co. dispensary in Manhattan at the end of last year. The historic transaction followed the state’s Cannabis Control Board issuing 36 adult-use retail licenses the previous month.
Chris Alexander, the OCM’s Executive Director, completed the inaugural purchase. He also crafted the bill permitting recreational consumption in the state.
The OCM also announced Friday that five other medical cannabis distributors had received approval to enter the adult-use market. There are a total of 31 recreational cannabis retailers operating in New York.
New York City Council member Carlina Rivera and others celebrate the opening of the state’s adult-use market at Manhattan’s Housing Works Cannabis Co dispensary last December. Photo via X
Companies seeking to list on the Toronto Stock Exchange need a minimum market capitalization of $50 million among other requirements. The TMX Group Ltd (TSX: X), responsible for the stock exchange, pays an $0.18 quarterly dividend to its shareholders.
rowan@mugglehead.com
