Canopy Growth, one of the world's largest marijuana producers by market value, has applied to list on the New York Stock Exchange and plans to begin trading shares by the end of May 2018.
It's the first Canadian pot company to list on the NYSE, though not the first marijuana company to trade on a major US stock exchange, CBC reports. (Marijuana manufacturing rival Cronos Group listed on the Nasdaq in February 2018). Canopy Growth announced on Monday that it will file with the US Securities and Exchange Commission and plans to trade under the ticker symbol CGC.
Founded in 2014, Canopy Growth likens itself to the Procter & Gamble of pot. Several marijuana brands fall under its umbrella and cater to different user preferences. The company supplies the drug to about a third of the roughly 270,000 registered medical marijuana customers in Canada.
Canopy Growth grows, trims, processes, packages, and ships marijuana products out of several properties across the Great White North. Take a look inside the company's headquarters.
SEE ALSO: Legal marijuana is set to outsell liquor in Canada by 2020
Canopy Growth has greenhouses across Canada, but its headquarters are based in a once-abandoned Hershey chocolate factory in the small town of Smiths Falls, Ontario.
The company supplies the drug to about a third of Canada's roughly 270,000 registered medical marijuana customers. It's been hailed as the world's first billion-dollar marijuana "unicorn."
Source: Health Canada, CBC and Business Insider
Bruce Linton, CEO of Canopy Growth, founded the company because he thought a vertically integrated company — one that grows marijuana in addition to processing it for oils and other products and packaging it for shipment — would give him better control over quality.
Vertically integrated companies are also able to offer their products more cheaply, since they cut out the middle men in growing and distribution.
Source: Business Insider
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