Canadian marijuana company Aurora Cannabis Inc.’s shares rose about 4% Thursday after it said shares have been approved for trading on the New York Stock Exchange starting October 23.
The stock ACB, +1.40% ACB, +1.40% which is currently trading on the over-the-counter market, will trade under the ticker symbol “ACB”. The shares are also traded on the Toronto Stock Exchange. The news comes one day after Canada fully legalized cannabis for adult recreational use, the first G-7 country to do so and only the second in the world to do so after Uruguay.
GMP analyst Martin Landry said his channel checks from day one of legal weed showed customers keen to purchase cannabis given the media exposure, and did not show much price sensitivity. Basket sizes were about 80 Canadian dollars ($62) to C$90. Shoppers bought way more dried flower than any other variety, such as oil extracts or capsule. Pre-rolled joints were second most popular category, he said.
Shoppers showed a lack of awareness of individual brands, he said, which surprised him.
“In retrospect this should not have been a total surprise given that most of the brands have been launched in the last months with limited ability to reach consumers,” Landry wrote in a note. “According to our sample set, in more than 95% of cases, consumers were unaware of the brands they had just purchased, which raises questions about the large sums of money spent by some LPs to launch their brands.”
Among individual companies, Aurora was a standout in having significant shop keeping units available and strong pricing, he said.
Overall, “The first day of recreational sales in Canada appears to have been a success highlighted by the long