If your a cannabis investor, get ready to open up your checkbook or bitcoin wallet because a new marijuana stock is about to hit the New York Stock Exchange (NYSE).
On Monday CannTrust Holdings will become the ninth cannabis company to be listed on an American stock exchange when they will officially begin trading on the NYSE. CannTrust is based on Ontario, Canada and plans to produce at least 100,000 kilograms of cannabis per year, a number that would make them one of the top 10 producers in the country. They also say their focus on hydroponics as well as access to cheap water and electricity will make them a low-cost cannabis producer, which will make them even more profitable. The company recently completed an expansion on one of their cultivation facilities and has an agreement to expand another.
While cannabis companies can receive investments without appearing on stock exchanges, there are much more opportunities for growth if they do. It validates their companies as more legitimate, and it also allows Wall Street firms to invest and cover their activities, which they may not be able to do if they're using an alternative stock exchange.
CannTrust may not get the huge spotlight and welcome that Aurora Cannabis or Canopy Growth received when they entered the American stock exchange, but it's still another cannabis stock that will likely draw a lot of interest.
(h/t Motley Fool)