Canadian cannabis company listed on NASDAQ

The Cronos Group, one of the major players in Canadian medical cannabis, is about to mark a new turning point in the history of cannabis: as of today, it will be listed on NASDAQ, the second largest stock market in the USA.

Although already present on the Toronto Stock Exchange (TSE), Canada's CAC40, Cronos will be the first cannabis company to be listed on the U.S. stock market, even though cannabis is federally illegal there. Its shares will trade under the symbol CRON.

For Cronos founder Mike Gorenstein, this is not just a victory for his company, but for the entire industry.

«This is a huge moment, it shows that the stigma of cannabis continues to erode,» he explained in an interview with the Financial Post.

The company worked on its IPO for 6 months before applying for the listing.

«This is an important milestone and a validation of our model. We strive to do everything the right way, and look forward to helping move the industry forward.»

Many American investors, hitherto reluctant to invest abroad, may change their minds and invest in a US-listed stock.

And while Cronos is the first cannabis company to trade on a U.S. stock exchange, another U.S. company already had ties to cannabis. Last October, the company Constellation Brands, distributor of Corona beer on the U.S. market, has acquired a stake of almost $200 million in Canopy Growth, one of Canada's largest producers of medical cannabis.

Cronos is based in Ontario (Canada) and has developed numerous partnerships and joint ventures to distribute its cannabis, for example in Australia, or to produce it locally, as is the case in Israel. Closer to home, Cronos can also be found in Germany, via Cannamedical.

The company is currently valued at $1.4 billion.