Gatineau-based LiveWell Canada has transitioned to trading on the Canadian Securities Exchange, a move that positions the hemp products company to sell into the United States.
The supplier of hemp and CBD-based products announced Monday that it will begin trading on the CSE and soon delist its shares from the TSX Venture exchange. The CSE has become a popular destination for cannabis companies as its regulations don’t prevent firms from pursuing business opportunities in the U.S., where cannabis and associated substances remain federally illegal.
LiveWell notes in a release that proposed U.S. legislation could soon remove hemp and other cannabis products with low THC percentages from the list of controlled substances, essentially classifying hemp the same as any other agricultural product.
"With the CSE listing, LiveWell is now positioned to pursue CBD opportunities not only in Canada, but globally, including the large and important U.S. market. We see this opportunity as immense and immediate. Listing on the CSE versus the TSXV allows us to take advantage of that," said LiveWell CEO David Rendimonti in a statement.
LiveWell announced last week that it had raised $1.6 million in a private placement.
Elsewhere in Ottawa-area hemp news, Canopy Growth announced Monday morning that it had closed its previously announced acquisition of Colorado-based hemp research company Ebbu in a cash-and-stock deal worth $425 million. LiveWell is also a portfolio company of Canopy’s investment arm.