Please forward this error screen to 101. Canadian marijuana producer Cronos Group started trading on the Nasdaq on Tuesday, marking a big step for the cannabis industry. How to invest in canopy growth corp is the first pot producer and seller to trade on Wall Street, though other companies with indirect relations to cannabis are trading. We’re the only pure play marijuana company” to be traded on a U.
Cronos CEO Mike Gorenstein told CNN. Analysts called the development a milestone for both Toronto-based Cronos and the entire cannabis industry. Vahan Ajamian, an analyst for Beacon Securities, wrote in a note to investors. Cronos is only involved with countries that do not have a federal ban on marijuana, like Israel, Australia, Germany and Canada, and that probably helped them get approved for the Nasdaq, he said. Gorenstein said that Cronos exports marijuana to Germany, and is building facilities to grow cannabis in Australia and Israel.
Ajamian said the Nasdaq launch is a big deal for Wall Street because “it alerts the U. Canada is expected to legalize the retail sale of recreational marijuana in August. Gorenstein said his company will produce recreational marijuana when that happens. Cronos isn’t the only pot-related company to trade on the Nasdaq. Recreational marijuana is legal in 9 U. It’s prohibited by the federal government.