By Ketki Saxena
Investing.com -- Cannabis company TerrAscend has announced it has received conditional approval to be listed on the Toronto Stock Exchange (TSX), marking a milestone as the first organization to potentially be listed on the TSX with operations in the United States, where cannabis is still federally illegal.
In order to comply with TSX requirements, TerrAscend is undergoing a restructuring process. This will involve separating its Canadian operations and interests from those within the United States by establishing a new entity called TerrAscend Growth. Apart from Canada, the company also operates in California, Maryland, Michigan, New Jersey, and Pennsylvania.
If granted full permission by TSX authorities, this could potentially open doors for other multi-state operators based in the United States who wish to access larger investor pools via listing on major exchanges like TSX.
Final approval from the TSX is yet to be granted. The ultimate approval of this listing depends upon whether or not TerrAscend can fulfill specific customary conditions set forth by TSX officials. The company plans to release further details regarding when Ascend shares are expected to begin trading once they receive confirmation from the exchange itself.