Cannabis Now reports
The Cronos Group spent six months doing preparatory work for its application to the SEC, which was finally filed earlier this year. After the news broke on Monday, Cronos’s shares jumped up 11 percent to $9.83 dollars. The stock is listed under the ticker symbol CRON on the Nasdaq.
“It’s very significant for the company and the whole industry,” Mike Gorenstein, Cronos founder and chief executive officer, said in an interview with Bloomberg. “It’s a huge moment — just shows the stigma is continuing to erode on cannabis.”
The company has international ambitions. It’s already exporting to Germany (which has a tightly controlled medical marijuana program), is building a growing facility in partnership with a kibbutz in Israel (a country which has a growing medical marijuana program), and has received a license through a joint venture in Australia (which also has a rigid and limited medical marijuana program), according to CNN Money. Eventually, the company hopes to have a presence within the United States too, Gorenstein said — but only when it is legal at the federal level, he emphasized with perhaps unwarranted optimism.
CNN points out that whether Cronos is indeed the first canna-business to be listed on Nasdaq is to some extent a matter of definition. British firm GW Pharmaceutical is listed, and markets a cannabidiol (CBD) treatment for epilepsy, as well as other cannabis-based products. There’s also Innovative Industrial Properties, a real estate developer and lessor to cannabis cultivators.