With increased cannabis legalization and usage in the United States and Canada, North American companies are striving to seek more recognition on the stock market.
Yesterday, KushCo Holdings Inc., an auxiliary cannabis producer, officially filed to move over to NASDAQ from the OTC markets.
As KushCo awaits a decision on the filing and navigating through the approval process, it will start trading on the OTCQX.
Higher-end market trading has been a big milestone for both U.S. and Canadian entities over the last year as they look for new opportunities for fundraising and a bigger market share.
Organigram Holdings Inc., a new Brunswich-based medical marijuana company, was approved for listing on NASDAQ in May, while Aphira listed on the NYSE in November 2018.
Talking about the planned move to quit the OTC markets, KushCo Chief Executive Officer said that listing on NASDAQ is the most prestigious and highest NASDAQ tier, and this will raise the profile of the company by diversifying their shareholder base and enhancing share liquidity in support of the company’s long-term goals.
Other than selling vape oils and dried flowers to consumers directly, KushCo mainly focusses on offering peripheral products and providing services to other cannabis companies.
KushCo entered the CBD market by partnering with marketing company C.A. Fortune.
As mom and pop CBD stores open up across the country, hemp-based products are also increasingly sprouting in traditional retail locations like convenience stores and pharmacy chains.
Under the new terms of the partnership, KushCo and C.A. Fortune will help client companies in producing CBD products at scale and releasing the products through a vast range of U.S. retail outlets.
In other news, KushCo opened a big Midwest distribution facility last June in Taylor, Michigan. The 40,000 sq. Ft. facility is meant to house, package, and distribute the company’s products in several states. This facility will also have a showroom/ sampling area and a new office space.