September 20, 2018 / 12:44 PM / in a month

Aurora Cannabis plans U.S. stock listing in October

(Reuters) - Canada’s Aurora Cannabis Inc (ACB.TO) said on Thursday it planned a U.S. listing of its shares in October, as it looks to cash in on strong investor appetite for marijuana producers.

Interest has boomed in Canada’s marijuana companies ahead of legalization of recreational cannabis in the country next month. Several U.S. states have also legalized marijuana but it remains against federal law.

Shares of rival Tilray Inc (TLRY.O) have surged more than 1,000 percent since their listing in July. The other U.S.-listed Canadian marijuana companies include Canopy Growth Corp (WEED.TO) and Cronos Group Inc (CRON.TO).

Marijuana producers are in demand as several companies, including Constellation Brands Inc (STZ.N) and Molson Coors Brewing Co (TAP.N), are looking to tap cannabis-infused drinks market.

Earlier this week, Coca-Cola Co (KO.N) said it was closely watching the fast-growing marijuana drinks market for a possible entry.

Aurora’s shares were up 4.7 percent at C$11.38 on the Toronto Stock Exchange. The company’s plan for a U.S. listing was first reported by the Financial Post on Wednesday.

Reporting by Debroop Roy and Laharee Chatterjee in Bengaluru; Editing by Shounak Dasgupta and Anil D'Silva

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