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The chief executive officer of CannTrust Holdings Inc. says the company hasn’t decided yet whether it will pursue a U.S. stock listing but it is weighing the option.
In early Friday trading, shares of the Vaughan, Ont.-based cannabis grower had jumped nearly 25 per cent since Thursday afternoon, following comments apparently made to investors at an event hosted by GMP Securities that sparked speculation on social media that CannTrust was planning to list on the Nasdaq within 30 to 60 days.
But on Friday morning, CannTrust CEO Eric Paul said that the company hasn’t made a decision to list its shares south of the border.
“It’s a consideration, but we don’t have a definitive plan for it. No decision has been made to list,” he said in a phone interview on Friday. “The time frame would be 30 to 60 days to get it done. But that doesn’t mean we’re listing in 30 to 60 days.”
The three pot stocks listed in the U.S. – Canopy Growth Corp., Cronos Group Inc. and Tilray Inc. – have been on a tear in recent days, as money from American investors floods the burgeoning space. Investors are betting which Canadian cannabis firm will be next to benefit from the U.S. bump.
Shares of CannTrust jumped 7 per cent early Friday morning to $11.37, rising nearly 70 per cent in value during the past month. By Friday's close, the shares had erased their most recent gains, closing at $10.30.
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