Why It Matters
The approval puts Flowr on track to become the latest cannabis company to have its common shares listed on the Nasdaq.
When announcing its application submission in February, company co-CEO Vinay Tolia said a Nasdaq listing could make the company more accessible and attractive to a broader range of investors.
Tolia shared similar sentiments in a Thursday press release announcing the company’s Nasdaq approval.
“We have made tremendous progress against our strategic priorities in 2019, and the approval of our listing on the Nasdaq further enhances our capital markets objectives,” Tolia said.
A date for trading commencement will be announced by Flowr once its 40-F registration statement is made effective by the SEC, according to the company. Flowr’s common shares will be listed under the symbol FLWR.
Tolia said the company expects to complete construction of an indoor facility known as Kelowna 1 later this year.
The development is intended to further expand the Kelowna-based campus and advance Flowr’s global plans through a partnership with Holigen Holdings Limited.
Over-the-counter Flowr shares were up 8.75 percent at $5.66 at the time of publication Friday.
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