Stock market watchers could find out as early as today what company has won the lottery for the much sought-after POT stock ticker symbol on the Toronto Stock Exchange.
For the first time in its history, the TMX Group, the company that operates the TSX, Canada’s main stock exchange, held a lottery to reassign the ticker symbol. But the stock exchange operator has not publicly disclosed the winner. Yet.
The symbol became available after the fertilizer company Potash Corp. merged with Agrium Inc. in early 2018, forming Nutrien Ltd (TO:NTR)., which now trades under ‘NTR.’ According to regular practice, there is a one-year waiting period before ticker symbols are reassigned. And it is usually done on a first-come, first-served basis. But, perhaps as a measure of the frenzied investor interest in Canada’s burgeoning marijuana industry, companies were scrambling to claim the marijuana-themed symbol. A total of 40 companies participated in the draw.
The winner of the lottery can officially start using the symbol today, but has up to 90 days to change its existing ticker symbol to POT. If the winner does not use the ticker symbol within that period, another lottery will be held, the exchange operator said in a statement. Only listed companies and companies looking to list were eligible to participate in the process.
What is the value of having what some describe as a “vanity” ticker?
That question is still unanswered. But the issue is drawing attention.
The winner is prohibited from selling the symbol. But if the winning company is sold, the symbol would be part of the transaction.
In 2017, Canadian-based marijuana company Canopy Growth Corp (TO:WEED). secured the ticker symbol ‘WEED.’ But back then, the symbol was obtained the old-fashioned way – simply by asking for it.