The Nasdaq stock exchange objects to Canopy Growth’s plan to eventually consolidate the financial results of Canopy USA, according to a regulatory filing by the Canadian company with the U.S. Securities and Exchange Commission.
The disclosure raises questions about whether the Ontario-based cannabis producer could keep its shares listed on the Nasdaq and the Toronto Stock Exchange if it proceeds with its current plan to enter the U.S. marijuana market more quickly.
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Canopy on Tuesday announced a plan to speed its entry into the American market by launching Canopy USA, which would purchase the three American cannabis businesses that Canopy had agreed to buy once recreational marijuana was legal under U.S. law.
Those businesses are New York-based multistate operator Acreage Holdings, California extractor Jetty Extracts and Colorado-headquartered cannabis edibles maker Wana Brands.
Canopy’s proposal calls for Canopy USA, not Canopy Growth, to own the three assets.
Under the
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