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Chicago, Illinois-based, multi-state cannabis company, Verano Holdings Corp. (CSE:VRNO) received conditional approval from Canada’s Neo Exchange Inc., operating as Cboe Canada, to list its Class A subordinate voting shares.
Upon listing the shares on Cboe Canada, the company plans to delist the shares from the Canadian Securities Exchange. The transition to Cboe Canada does not require Verano to recapitalize or undertake any corporate restructuring. The shares will continue trading in Canada on the Cboe Canada under the same symbol “VRNO” and in the U.S. on the OTCQX under the same symbol “VRNOF.” Trading of the company’s securities is not expected to be disrupted in any way and current shareholders do not need to take any action.
“In light of recent policy momentum, we are taking this strategic and momentous step with Cboe Canada, which we believe will better position the Company to capitalize on future legislative catalysts in the U.S.,” stated George Archos, Verano founder and CEO. “We continuously evaluate opportunities in the capital markets and have confidence that moving to Cboe Canada will provide improved access to liquidity for our investors through its market-making services, as well as through potential inclusion in global benchmarks such as FTSE and MSCI. Additionally, we believe the move to Cboe Canada will position the company well for a timely transition to a U.S. listing should the industry make further inroads in D.C. As one of the largest global equity exchange operators in the world, Cboe operates in 26 markets across multiple asset classes, and we are looking forward to taking this next step in our capital markets strategy with Cboe Canada.”
Final approval of the listing of the shares on Cboe Canada is subject to the company fulfilling customary conditions prescribed by Cboe Canada, and the delisting from the Canadian Securities Exchange is subject to the approval of the Canadian Securities Exchange. A timeline for the transition will be announced once the Company receives final approval from Cboe Canada.
Price Action
Verano shares traded 3.7% lower at $4.42 per share at the time of publishing Tuesday morning.
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