Creso Pharma completes US OTC dual listing
- Creso Pharma to commence trading on the US OTCQB (“OTC”) market under the code COPHF from Friday, 11 June 2021 (USA OTC Market Time)
- Provides exposure to deeper capital market as well as greater access and liquidity for North American investors
- Entering the US market aligns with Creso’s strategic outlook in expanding its operations within the region
- OTC Dual Listing will also provide greater exposure for clinical studies (universities, hospitals, research centres) as Creso prepares to enter into the lucrative psychedelic market
- Initiative follows considerable interest from a large range of US investors
- Move comes amid continued upturn in cannabis and psychedelics sectors
- OTCQB listing provides additional opportunities to attract institutional and retail investors and for Creso to expand its investor base in the US
- Listing provides easier comparisons to US and Canadian listed peers operating in the cannabis and psychedelic medicines sectors
- Once obtained, DTC approval will simplify trading and enhance liquidity for North American investors
Creso Pharma Limited (ASX: CPH, OTCMKTS: COPHF) is pleased to advise that it has successfully completed a dual listing on the OTCQB (“OTC”) market in the USA and will commence trading on Friday, 11 June 2021 (USA OTC Market Time) under the code COPHF.
The decision to progress the US dual listing follows growing interest from North American investors, following major milestones for the Company including the proposed acquisition of Halucenex Life Sciences Inc. (“Halucenex”), strong sales growth of wholly-owned subsidiary Mernova Medicinal Inc. (“Mernova”) and the appointment of leading cannabis entrepreneur, Mr Bruce Linton.
The dual listing will provide Creso Pharma with access to deeper capital markets and provide North American investors with accessibility and liquidity to invest in an established cannabis and psychedelics medicines business. This allows for a potential revaluation of the Company, in line with recent demand experienced by Creso Pharma’s North American peers.
The Company is also taking steps to secure DTC approval, which would allow real-time electronic clearing and settlement in the United States for its ordinary shares through the Depository Trust Company (“DTC”). Online brokers such as Ameritrade, Fidelity Investments, Tradestation, Charles Schwab and E-trade all offer OTCQB trades.
Once obtained, the approval will simplify trading and enhance liquidity for a large pool of investors in North America, amid the continued upturn in the cannabis and psychedelic treatment sectors.
The Company’s dual listing coincides with the growth Creso Pharma has achieved recently in the US and North America more broadly. Recently, we have been focused on laying a very strong foundation in the region, which is underpinned by the expansion of operations and key appointments that will provide a number of value catalysts for both Australian and North American investors.Non-executive Chairman Adam Blumenthal
“The cannabis and psychedelic medicines sectors continue to gain considerable momentum. Recent regulatory shifts have left the Company in a favourable position and Creso is well placed to become a global leader across both sectors.”
“Creso has a number of near term revenue generating opportunities at hand and we look forward to providing ongoing updates to shareholders.”
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