As legalization of cannabis continues to spread across the United States, the industry has been extremely active in the past few weeks with numerous developments taking place around the country. One of the major news stories this week was the much-awaited listing of Curaleaf, a multi-state cannabis operator, to the Toronto Stock Exchange.
The listing, which was expected to happen sometime in early Q2 2020, marks the first time a US-based cannabis company has been listed on a major international stock exchange. This move is being seen as a major milestone for the industry as it indicates further legitimization of the sector. The listing on the TSX provides investors access to the huge capital base of the exchange, and also forces better disclosure regarding financial information and disclosure on corporate governance matters. It is also an example of foreign companies beginning to enter the US cannabis market as more states adopt cannabis legalization.
In addition to this exciting development, other news stories from the week included two states potentially taking steps towards cannabis legalization. Massachusetts lawmakers are considering legalizing adult-use cannabis long promised since the original 2016 ballot initiative was passed. This step towards legalization is expected to bring much needed tax revenue to the state. On the other hand, the New Mexico Senate has advanced a bill that would legalize recreational cannabis use, though the bill is still a ways away from becoming law.
In general, it’s been an incredibly exciting and productive week for the cannabis industry. With the continued progress towards legalization in numerous states and the historic listing of Curaleaf on the TSX, the industry is moving towards a more legitimate and mainstream status. It’s certainly an exciting time to be involved in cannabis, and the potential of the industry feels more limitless than ever.