Canopy Growth moves to Nasdaq from NYSE to cut costs

Canopy Growth (WEED.TO)(CGC) is moving its U.S. stock listing from the New York Stock Exchange to the Nasdaq Global Select Market in a bid to cut costs.

The Smiths Falls, Ont.-based pot giant said on Tuesday that its common stock will begin trading on the Nasdaq under the same “CGC” ticker when the markets open on Nov. 16, 2020. Canopy shares will continue to trade on the Toronto Stock Exchange.

Chief executive officer David Klein said in a news release that the transition will allow “greater cost-effectiveness and access to a suite of tools and services that will help us connect more efficiently with our current and future investors.”

Canopy said its last day of trading on the NYSE is expected to be Nov. 13, 2020.

The company’s decision follows a similar move by rival pot producer Aphria (APHA.TO)(APHA) announced in May.

Jeff Lagerquist is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jefflagerquist.

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