new york stock exchange

Cannabis stocks are becoming more popular with investors as the cannabis industry continues to go mainstream.

According to leading cannabis investment expert Alan Brochstein, at the end of April the cannabis stock index was up 89% compared to late October 2017.

Investing in cannabis stocks right now comes with all of the potential pitfalls that non-cannabis stocks come with, but with a massive amount of potential profit as well.

The legal cannabis industry is still in its infancy and investing early in a company before it catapults into the stratosphere is something that is quite possible with cannabis stocks.

It will still be a while before we find out who becomes the 'Amazon or Microsoft of cannabis' but stock speculators will likely get a chance to purchase stock in an established cannabis producer via the New York Stock Exchange soon.

Canopy Growth announces application to list on the New York Stock Exchange

Yesterday Canopy Growth announced that it had applied to list its common stock on the New York Stock Exchange.

If the company succeeds in getting its application approved, it would make Canopy Growth the first licensed cannabis producer to be listed on the largest equities-based exchange in the world.

"Since becoming the first regulated cannabis producer to list their shares in North America in 2014 our team has focused on building credibility through consistent execution. Once finalized, listing our shares on the NYSE will represent a continuation of our upward trajectory as we build the global cannabis industry." said Canopy Growth's Chairman & CEO, Bruce Linton.

Canopy Growth anticipates that its common shares will begin trading by the end of the month and will trade on the New York Stock Exchange under the ticker symbol "CGC",

The listing would be big for the overall industry, but bad news for U.S. cannabis companies

All merits of profit potential aside, a listing of a licensed cannabis producer on the New York Stock Exchange would be a huge victory for the emerging cannabis industry.

It would be a glowing example of how far the cannabis industry has come in the United States and would further push the legitimacy of the cannabis industry forward.

However, it would be more bad news for cannabis companies based in the United States who have been frustrated seeing Canadian cannabis companies receiving a tremendous head start in the global cannabis market.

Cannabis companies in Canada are currently exporting their products all over the world, are benefitting from a nationally legalized medical cannabis industry, and are likely to see adult-use cannabis legalized in Canada this summer.

Meanwhile, cannabis companies in the United States are still being limited by federal prohibition, cannot even export cannabis across state lines, and have to navigate a patchwork of multiple layers of cannabis industry regulations.

A listing of a Canadian company on the New York Stock Exchange would further Canada's headstart over cannabis companies in the United States, which is unfortunate for U.S. cannabis companies that continue to be held back.

Who is Canopy Growth?

Canopy Growth is a licensed cannabis producer based in Canada that operates 8 production sites with over 2.4 million square feet of combined cannabis production capacity.

The company currently has operations in seven countries across four continents, with operations in more countries expected in the near future.

Estimates put Canopy Growth's total value at roughly 6 billion dollars, making it the most valuable cannabis producer on the planet.

As with any stock, cannabis or otherwise, potential investors need to perform their due diligence and determine if purchasing a particular stock is a wise investment.