Canadian cannabis company Canopy Growth to list shares on NYSE

Canada-based cannabis and hemp company Canopy Growth Corp. has applied to have its stock listed on the New York Stock Exchange. The company expects to the stock to begin trading on the Big Board by the end of May, under the ticker symbol “CGC.” Canopy said it was the first regulated cannabis producer to list shares in North America in 2014. “Once finalized, listing our shares on the NYSE will represent a continuation of our upward trajectory as we build the global cannabis industry,” said Chief Executive Bruce Linton. Separately, Canopy announced a deal to buy the remaining 33% of BC Tweed Joint Venture Inc., which is a licensed cannabis facility operator, that it didn’t already own. As part of the deal, which is expected to close in July, Canopy said it will issue $374 million worth of its common stock. Shares of Canopy, which has a market capitalization of about $6 billion, have rallied 11.6% over the past three months while the S&P 500 has tacked on 1.1%.