Cronos Group is the first marijuana company to be listed on a U.S. stock exchange after receiving approval from the Securities and Exchange Commission (SEC) to officially trade on NASDAQ. The Canadian licensed weed producer will trade under the ticker symbol “CRON” starting today, February 27.
Although weed is still federally illegal in the United States, Cronos was approved due to it being a licensed Canadian company. In addition to now being able to invest in weed on a U.S. stock exchange, it is currently legal for American investors to invest in Canadian marijuana companies that trade on any Canadian exchanges.
According to investment bank Cowen & Co., the U.S. pot industry is worth an estimated $6 billion — even though recreational marijuana is still only legal in nine states and Washington D.C. With more states expected to follow, and 29 states already legalizing medicinal marijuana, the industry is expected to grow to $50 billion by 2026.
While now trading on a U.S. stock exchange, Cronos does not intend to enter the U.S. market “until cannabis is federally legal,” according to CEO Mike Gorenstein.
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In other news, Virgil Abloh’s OFF–WHITE is now creating healthy energy drinks. Read more here.
- Source: VICE Money
- Main & Featured Image: ROBYN BECK / AFP / Getty Images