A local pot producer is graduating to the upper echelons of United States stock exchanges.
Gatineau’s Hexo announced Thursday it expects to begin trading on the New York Stock Exchange on July 16.
The cannabis company first listed its shares on the NYSE American – the exchange’s small-cap counterpart – in January of this year. CEO Sebastien St-Louis said then the move was aimed at courting U.S. institutional investors to the firm.
"We are extremely pleased to list on the NYSE and believe it reaffirms HEXO’s strong track record for exceptional corporate governance and is further proof that we are a valuable cannabis industry partner for Fortune 500 companies," St-Louis said Thursday in a statement.
In Canada, Hexo shares trade on the Toronto Stock Exchange after the company graduated from the TSX Venture exchange a year ago.
Hexo’s stock dropped last month after its third-quarter earnings fell short of analysts’ expectations. The firm’s share price on the TSX has continued to fall since, sitting at $6.74 in early morning trading on Thursday – a far cry from highs of $11.29 in April.
Hexo announced plans to launch cannabis-based beverages in Canada alongside partner Molson Coors in December when edibles and other derivatives become legal for sale.