06.20.18
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The Canadian government has passed legislation allowing for recreational use of cannabis, making Canada the first G-20 nation to fully legalize the use of cannabis, and the second country worldwide to do so (after Uruguay).
With the Canadian cannabis companies that are already cross-listed from the Toronto Stock Exchange and trading on both the New York Stock Exchange (Canopy Growth Corporation, NYSE:CGC) and The Nasdaq Global Market (Cronos Group Inc., NASDAQ:CRON) both experiencing a healthy bump in their stock price as a result, more Canadian public companies may well follow suit in seeking financing in the United States’ capital markets, where cannabis use remains illegal at the federal level.
As noted in our previous blog posts, however, it still remains to be seen whether U.S. investment banks will underwrite offerings of Canadian and other foreign cannabis companies as they continue to cross-list on the national exchanges in the U.S.
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