The marijuana industry is increasingly becoming more and more intertwined with the financial sector. But a new milestone shows just how far the cannabis industry has become.
Canadiana medical marijuana producer Cronos Group became the first cannabis company to be listed on the NASDAQ stock market. They will be featured under the trading ticker symbol "CRON." In fact, this is the first time a cannabis company has been listed on any U.S. stock exchange. Cronos is currently featured on the Canadian TSX Venture Exchange.
“It’s very significant for the company and the whole industry,” said Mike Gorenstein, Cronos founder and chief executive officer. “It’s a huge moment – just shows the stigma is continuing to erode on cannabis.”
While many cannabis companies are seen their stocks soar in what investors are calling the "green rush," Cronos has a slight advantage over some of their startup competitors. The company ships products to Germany, is in the process of building a facility in Israel and has an agreement to begin selling in Australia.
Money is often a factor that helps change people's minds on marijuana legalization. If the financial industry decides to go all-in on the industry, then legalization may be inevitable.