The cannabis producer and seller Cronos Group Inc. (TSXV:MJN) (NASDAQ:CRON) has achieved a massive milestone no cannabis company has yet to accomplish. Yesterday, Cronos was officially listed on the Nasdaq Global Market, the first cannabis company to do so.
This could signify what many are referring to as the “green rush.” Not only is Cronos the first cannabis company to be listed on the Nasdaq Global Market, but it is also the first cannabis stock to be listed on any major US exchange.
Mike Gorenstein, founder of Cronos and the company’s CEO, said of the accomplishment: “It’s very significant for the company and the whole industry. It’s a huge moment – just shows the stigma is continuing to erode on cannabis.”
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He also commented:
“This up listing to NASDAQ is a major corporate milestone and reflects the significant progress we have made in strengthening our corporate governance and expanding our global footprint. We believe this will increase long term shareholder value by improving awareness, liquidity, and appeal to institutional investors.”
That appeal is already beginning to take hold.
On its second day of being listed on the Nasdaq Global Market, Cronos closed the day at $9.17. For the day, the stock rose $1.55, or 20.34%, from its first closing price of $7.62. The day’s trading ranged between $7.33 and $9.17, marking the closing price as the stock’s highest point throughout the day.
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Cronos Group performed well across the border too, on its original market of the Toronto Stock Venture Exchange. On the TSXV, Cronos closed today at $11.79, putting the stock up $2.12, or 21.92%, from the previous closing price of $9.67. The day’s trading ranged between $9.39 and $11.79, again making Cronos’ closing price its highest point of the trading day. The 52-week trading has ranged between a low of $1.58 and a high of $14.83.
Is this really the beginning of the green rush? Cronos has broken down the walls and entered the Nasdaq Global Market on a positive note – will we start seeing more cannabis companies making the jump?
Featured image: Wild0ne
