Aurora Cannabis stock falls on NYSE debut

Marijuana plants are seen from below in a grow operation. (Fortune)

One of Canada’s largest marijuana producers has launched today on the New York Stock Exchange.

Edmonton-based Aurora Cannabis is the third major Canadian cannabis company to go public in the U.S., where marijuana is still an illegal substance in most states.

The stock saw an initial bump at open, but at the time of writing, is trading well below its open price of $7.51.

Aurora Cannabis’ stock performance two hours after debuting on the NYSE. (Yahoo Finance)

Aurora follows in the steps of Tilray, which became the first U.S. marijuana IPO in July, and Canopy Growth, which debuted in the U.S. markets in May.

The move is in line with the international strategy Aurora has been pushing for months now.

“That’s what we’re in the business of doing: we’re inventing the industry not just in Canada but around the world,” Cam Battley, CCO of Aurora Cannabis told Yahoo Canada Finance in May in response to the cannabis company’s merger with MedReleaf. “We know there’s a window of opportunity that’s open right now, and we don’t know when that window is going to shut.

“At some point we anticipate the U.S. will change its regulation and make cannabis federally legal, and when that happens, we want to have an insurmountable lead already established.”

Further to the company’s global expansion plans, it’s rumoured to be in talks with Coca-Cola to expand into the cannabis beverage market. While no plans have been announced yet, there are further rumours that Coca-Cola is developing a cannabis beverage group, which makes a partnership with a producer like Aurora extremely plausible.

Aurora’s Canadian stock also took a dive on Monday. While it had recovered from the dip it took on Oct. 17, the day of recreational marijuana legalization in Canada, it has since plunged further, and at the time of publishing, was down more than 16 per cent.

Aurora Cannabis stock performance on the TSX as of Oct. 22, 2018, 2:10 p.m. ET.

The company trades on the NYSE under the symbol ACB, the same ticker it uses on the TSX.

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