Canadian marijuana company becomes first to be quoted on NASDAQBy Elliot Bullman
The company makes its way into the stock market; estimate that by 2026 the cannabis industry will be worth 50 billion dollars.
Everyone knew that it was a profitable business, the question is whether it was safe to invest; the Canadian company Cronos Group has become the first pure marijuana producer listed on the Nasdaq stock exchange.
Other companies that work with the substance such as GW Pharmaceutical were already in the market, but were not uniquely dedicated to this industry.
While Cronos Group already had at least three years on the Toronto stock exchange, the jump to the Nasdaq, where Apple, Microsoft or Starbucks are, gives them an opportunity to enter a market with greater liquidity, grow more and be recognizable to new investors.
The stock market valuation of the company dedicated to marijuana is estimated at $ 1.530 billion dollars, its debut during the stock market’s volatility marked the course with a fall of two percent and a close of 20 percent growth.
Cronos Group CEO Mike Gorestein mentioned that the acceptance in Nasdaq demonstrates that the prejudices about marijuana are disappearing. Analysts at investment bank Cowen & Co estimate that the cannabis market will move up to 50 billion dollars in 2026.
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