A Canadian cannabis producer will begin trading on the NASDAQ Tuesday — becoming the first marijuana company to be listed on a U.S. stock exchange, reports say.
Toronto-based Cronos Group won approval for the listing from the Securities and Exchange Commission, Vice reported.
"It's very significant for the company and the whole industry," Mike Gorenstein, Cronos founder and chief executive officer, told Bloomberg news. "It's a huge moment — just shows the stigma is continuing to erode on cannabis."
Weed is still federally illegal in the United States. But because Cronos is a licensed Canadian business producing weed for the soon-to-be legal recreational market in Canada, the company is technically not precluded from trading on U.S. stock exchanges, Vice reported.
Recreational pot is legal in nine states and Washington D.C., but medical weed is legal in 29 states, making the American market for pot worth over $6 billion, according to investment bank Cowen & Co., Bloomberg reported.
Cronos produces and sells medical marijuana in Canada, and ships its products to Germany, where they are distributed by G. Pohl-Boskamp GmbH. It's also building a growing facility in partnership with a kibbutz in Israel, and has received a license through a joint venture in Australia, Vice reported.
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