Cannabis company begins trading in the US
Written on the 22 January 2018 by David Simmons
ZELDA Therapeutics Limited (ASX: ZLD) has increased its international footprint by trading on the US public market as it looks to attract North American investors into the medicinal cannabis company.
Its shares have been approved for trading on the OTCQB Venture Market (OTCQB) in the United States under the trading symbol 'ZLDAF'.
The company says the listing will facilitate greater investor access to the company's activities and significantly expand the pool of investors able to invest in the company.
This dual listing structure is non-dilutive to existing Zelda shareholders, and no capital is being raised and no new shares are being issued.
The OTCQB is a US-based trading platform for early-stage and developing companies.
The platform's quality standards provide a strong baseline of transparency, as well as the technology and regulation to improve the information and trading experience for US-based investors.
Chairman of Zelda, Harry Karelis, says the listing will allow greater access to the company's potential for international investors.
"As part of our ongoing strategy to introduce Zelda Therapeutics to a broader international audience, this milestone will provide greater visibility, better access to the US investment community, and improved convenience of trading in Zelda's ordinary shares," says Karelis.
"We expect to achieve a number of significant milestones over the course of 2018 that we believe will be of great interest to US-based investors and this listing forms part of an overall investor relations strategy."
In December last year, Zelda marked another milestone by announcing its partnership with the Children's Hospital of Philadelphia to study the effects of medical cannabis treatment in paediatric autism.
As one of Australia's prominent listed medical cannabis companies, Zelda will co-investigate the effects of cannabinoid treatments through an observation trial.
The company says its goal is to understand the effectiveness of cannabinoids, while working closely with patient advocacy groups and licensed cannabis growers.
Business News Australia
Author: David Simmons