Elixinol is the latest Australian cannabis company to list on US stock exchange
Written on the 18 September 2018 by David Simmons
Australian cannabis player Elixinol (ASX: EXL) is the second company in as many weeks to list on a specialised United States stock exchange.
The business, which operates in the industrial hemp, dietary supplements and emerging medicinal cannabis sectors, will list on the OTCQX market under the symbol ELLXF.
Trading on the OTCQX will operate in parallel the Elixinol's ASX listing.
The "OTCQX Best Market" is reserved for established, investor-focused non US companies already listed on qualified international stock exchanges (like the ASX) and allows companies to use their primary exchange for reporting compliance.
Paul Benhaim, CEO of Elixinol, says the listing will boost the company's profile in the US.
"Trading on the OTCQX is part of our broader strategy to significantly increase the awareness of EXL in the US market, particularly as consumer interest is expanding rapidly across the areas of hemp-derived CBD and dietary supplements," says Benhaim.
Just last week established Australian cannabis company AusCann announced their listing on the OTCQX.
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.
Business News Australia
Author: David Simmons