Curaleaf (CSE:CURA) Holdings (OTC:CURLF), Inc., a leading provider of consumer cannabis products, is advancing its ambition to list on the Toronto Stock Exchange (TSX). The New York-based cannabis operator, currently trading under the ticker CSE:CURA on the Canadian Securities Exchange and as CURLF on U.S. over-the-counter markets, has lodged an application to list its subordinate voting shares on the TSX.
This move follows a prerequisite marketed share offering that took place on Tuesday, October 3, 2023, aimed at fulfilling the TSX's listing requirements. The listing initiative was first announced in a regulatory filing in July and would follow TerrAscend Corp., becoming the second U.S. plant-touching company to list on the TSX.
Executive Chairman Boris Jordan anticipates several benefits from this uplisting. He believes it will attract a wider variety of global institutional investors and enable access to U.S. financial institution-backed custody solutions. Additionally, it could also curb stock volatility with the aid of dedicated market makers. Curaleaf's current market cap, according to InvestingPro data, stands at an adjusted 3276.9M USD, and the company has experienced a substantial price uptick over the last six months of 82.02%, indicating a potential appeal to investors.
The potential TSX listing may also pave the way for Curaleaf's inclusion in indexes such as TSX and MSCI. Curaleaf acknowledges that there is no guarantee of TSX approval for this transition. As of Tuesday, the listing is still under review by TSX and is contingent upon regulatory approval.
While the company's ambitions are high, it's worth noting some challenges that Curaleaf faces. According to InvestingPro Tips, the company has seen a declining trend in earnings per share and its short-term obligations exceed liquid assets. Additionally, the company has not been profitable over the last twelve months, with an operating income, adjusted to -64.43M USD. Nevertheless, analysts predict the company will be profitable this year, which could potentially boost its appeal to investors.
For those interested in further insights and tips, InvestingPro offers a comprehensive range of information for investors. With InvestingPro Tips, investors can access a wealth of knowledge, including an additional eight tips specific to Curaleaf, which can be found at InvestingPro.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.