The NASDAQ is slowly but surely becoming a hot bed for cannabis companies to trade their common shares.
On Monday (July 23), Namaste Technologies (TSXV:N) became the latest to apply to list its shares on the US-based NASDAQ Capital Market.
According to the company’s press release, Namaste will file a Form 40-F Registration Statement with the US Securities and Exchange Commission. The application to list on the exchange will remain at the discretion of the NASDAQ, with all applicable listing and regulatory requirements satisfied in full.
“Listing Namaste shares on NASDAQ will support the Company’s anticipated growth as we’re actively expanding our global business and entering into new sales channels,” Sean Dollinger, president and CEO of Namaste said in the release.
Until its application has been approved, Namaste will continue listing its shares on the OTCQB. Once approved, the company will change its ticker symbol to “NAMD” on the NASDAQ, and will also continue listing its shares on the TSX Venture exchange under the symbol “N.”
This year has been pivotal for cannabis companies listing on the NASDAQ exchange. Case in point, in February Cronos Group (TSX:CRON; NASDAQ:CRON) became the first Canadian licensed producer (LP) to list its shares on the NASDAQ.
Meanwhile, on July 19, Tilray (NASDAQ:TLRY) made its long-awaited debut on the exchange with an initial public offering (IPO) of approximately US$153 million with a completion date of Monday. While Tilray isn’t the first cannabis company to list on US-based exchange, it is the first to do so through an IPO.
In addition to Namaste’s announcement of its intentions to list on the NASDAQ, the company also released the filing of its unaudited quarterly financial statements on Monday for Q3 of fiscal 2018.
The company said in the release revenue for the quarter ended May 31 increased 31 percent compared to the same quarter in 2017, while net revenue for the nine months ended was C$14.6 million, which is a 106 percent increase compared to the nine months ended the year previous.
Following its two announcements on Monday, shares of Namaste on the TSX Venture dipped 1.40 percent to close Monday’s trading session at C$1.41. On the other hand, its OTQB share price increased 1.02 percent to close at US$1.09.
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Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.