AusCann lists on US stock exchange to boost international operations
Written on the 12 September 2018 by David Simmons
One of Australia's leading listed cannabis companies has jumped across the Pacific to list on one of America's leading stock exchanges.
AusCann Group (ASX: AC8) has commenced trading on the US OTCQX Market under the stock symbol ACNNF.
The OTCQX is an investor-focused US market featuring US and global companies. To qualify for listing companies must meet high financial standards, follow best practice governance, and demonstrate compliance with US securities laws.
AusCann managing director Elaine Darby says the company listed on the OTCQX to broaden its international investor base, particularly in North America where it already has operations.
"We believe the company will benefit significantly from the increased global exposure cross-trading will provide us and we look forward to strengthening our international partnerships," says Darby.
"As regulatory changes are enacted worldwide and the benefits of cannabinoid medicines become more accepted, AusCann is seeing an increasing number of opportunities to expand its global footprint."
The company will continue to trade on the ASX.
In August, AusCann announced its consumer product is on its way to pharmacy shelves, after the company finished an important clinical trial.
With the trial completed, AusCann now hopes its first proprietary medicines will be released to the market in the first half of 2019.
The Australian group has been working closely with experts in the legal-weed capital of the US, Colorado, to develop modelling and laboratory scale proof of concept work of the new drug.
In July 2018, AusCann announced it had raised $33.4 million to fund its research and development phase. The company says this money raised will now go towards releasing the product to the market in 2019.
AusCann has also earmarked the funds for several key developments including clinical studies, expansion of manufacturing facilities, establishment of a new facility in Chile and crucial R&D into cannabinoid pharmaceuticals.
Shares in AusCann are up 7.53 per cent to $1 per share at 10.23am AEST.
Business News Australia
Author: David Simmons