A week after marijuana became legalized in Canada, one of the largest Canadian cannabis companies is going public on the New York Stock Exchange. According to Business Insider, Aurora Cannabis started trading on Tuesday morning, and joins a handful of marijuana companies exchanging in the US.
Aurora is now rubbing shoulders with Tilray, Cronos Group, and Canopy Growth, all Canadian marijuana producers. In order to get listed, the companies had to prove they weren’t violating federal laws, which unfortunately includes shipping weed to the U.S. Aurora is already trading on the Toronto Stock Exchange, with a growth of over 100 percent in market capitalization since August.
Despite legalization, Aurora has seen a drop in its stock recently, sinking 12 percent on Monday per Business Insider. Meanwhile, the beverage company Constellation Brands is investing in Aurora’s rival Canopy Growth.
But being added to the U.S. stock exchange could signal more promising growth for the cannabis company, and it's heading for a potential deal with Coca-Cola. We previously reported that Coke hoping to develop some cannabis-infused drinks with Aurora Cannabis Inc., as global laws regulating marijuana use continue to relax.
"We are closely watching the growth of non-psychoactive CBD as an ingredient in functional wellness beverages around the world," Coca-Cola spokesman Kent Landers told BNN Bloomberg. "The space is evolving quickly. No decisions have been made at this time."
Banks are still unwilling to lend money to companies in the weed industry, or that work with marijuana in any fashion. Until the drug is legalized across a federal level in the U.S., which definitely won’t happen thanks to Jeff Sessions, companies will still be jumping through hoops to grow and make profit.
"Canada has this big finger that is wagging,” the CEO of MedMen, Adam Bierman, told BI. “That is pointing down to us in the U.S. saying, 'How come you can't get your stuff together?'"