Aurora Cannabis is going public on the New York Stock Exchange

Small
marijuana plants grow in a lab at the new Commercial Cannabis
Production Program at Niagara College in Niagara-on-the-Lake,
Ontario, Canada, October 9, 2018
REUTERS/Carlos Osorio

Aurora Cannabis, one of the largest Canadian marijuana producers,
is going public on the New York Stock Exchange.

Shares of the company are set to begin trading under the ticker
ACB before the end of October.

The Edmonton-based cultivator, or licensed producer, currently
trades on the Toronto Stock Exchange under the ticker ACB. The
firm grows cannabis for both the adult-use and medicinal market.

Aurora’s market capitalization has gained over 150% since the
middle of August. On August 15, the beverage giant Constellation
Brands announced it was
upping its stake to $4 billion in Aurora’s rival, Canopy
Growth. 

As of Wednesday,
marijuana is legal in Canada. The US federal government
still considers it an illegal, Schedule I drug.

Aurora is also hiring like crazy as Canada’s legal marijuana
market opens. The company
has a whopping 11 pages of job openings on its website. These
positions are based across Canada and range from high-level
executive positions to laboratory research positions and
industrial cleaners.

Read more:
Some of the hottest companies in the booming cannabis sector are
going on hiring sprees as Canada’s legal marijuana market
opens

While US-based exchanges were initially reticent to list
marijuana producers, companies like Tilray(which conducted an

initial public offering on the NASDAQ in July) Cronos Group,
and Canopy Growth all now list on US exchanges. 

To get listed on a US exchange like the NYSE, cannabis
producers have to prove they are not violating any federal laws
by importing cannabis into the US, except under specific
circumstances.

Tilray received approval from the Drug Enforcement Administration
to import a marijuana product from Canada to test whether THC and
CBD — the active ingredients in the cannabis plant — are
effective in treating tremors.

Despite the recent fervor around marijuana stocks, the
sector’s stocks were under pressure on Wednesday.

Read more of Business Insider’s cannabis industry coverage: