Two new cannabis stocks began trading on Toronto stock exchanges Monday, including a U.S.-based marijuana company run by former banking executives.
Ayr Strategies made its debut on Toronto’s NEO Exchange using the ticker AYR. It is a multi-state operator and began trading with a market cap of about $935 million, making it the second-largest U.S. cannabis company to be listed on the NEO. The NEO is a relatively new exchange that offers what it calls an innovative and investor-driven trading platform. It has been in operation since June 2015.
Ayr Strategies’ CEO Jonathan Sandelman is a former president of Bank of America (NYSE:BAC) Securities. COO Jennifer Drake is a former managing director with Goldman Sachs (NYSE:GS).
Graduating to the Toronto Stock Exchange is Canadian marijuana producer Zenabis Global (TSX:ZENA). This British-Columbia-based grower will continue to trade under the symbol ZENA. The company’s stock was simultaneously delisted from the TSX Venture Exchange. The company, which is a licensed cultivator of both recreational and medical cannabis, has growing operations in the Maritimes and B.C. and has a market cap of $347.65 million.
“We are pleased to announce the completion of this important milestone for Zenabis, which elevates our profile as a quality issuer,” CEO Andrew Grieve said in a statement. “We believe this will open the door to a broader range of investors and provide us with improved liquidity.”
