- Aurora Cannabis is planning for a US initial public offering in October, the company’s chief corporate officer said.
- The Canadian cannabis producer was reportedly in talks with Coca-Cola to make a CBD-infused drink.
- Marijuana stocks have been red-hot as of late.
- Watch Aurora Cannabis trade in real time here.
Aurora Cannabis, the Canadian cannabis producer that was reportedly in talks with Coca-Cola to make a drink infused with CBD, one of the nonpsychoactive compounds found in cannabis, — that didn’t lead to a deal — is targeting a US stock-market debut in October, a report says.
“We’re targeting the month of October to establish a US listing,” Cam Battley, Aurora’s chief corporate officer, told the Financial Post on Tuesday.
An initial public offering on US markets has become more attractive in recent weeks as cannabis stocks have seen mouthwatering gains. It all started when Canopy Growth received a $4 billion investment from Constellation Brands, the beverage maker behind Corona beer and Svedka vodka, sending its stock up more than 22% in a single day.
And rival Tilray has seen its stock surge more than 900% following its July IPO. It was recently boosted by word the company had received clearance to export medical marijuana to the United States for a clinical drug trial.
But a listing won’t come without some risk. A Politico report published last week said that workers of Canadian cannabis companies could face a lifetime travel ban to the US.
“If you work for the industry, that is grounds for inadmissibility,” Todd Owen, the executive assistant commissioner for the US Customs and Border Protection’s Office of Field Operations, told Politico.