Creso Pharma US shares surge on dual-listing
Health & Biotech
Health & Biotech
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Shares in Creso Pharma (ASX:CPH) have successfully listed on the US OTC market, with the stock finishing up 26% on its opening price.
The OTCQB listed stock ended its first day of trading at 16.98 US cents equivalent to 22 Australian cents.
The US listing provides Creso with access to the world’s biggest capital market.
Creso’s decision to dual list in the US was made following growing interest from North American investors, after the company delivered record quarterly sales growth and appointed leading cannabis entrepreneur Bruce Linton as a strategic advisor.
The dual listing will provide Creso with access to deeper capital markets, allowing its institutional and retail investors in North America with direct access to an established cannabis and psychedelics medicines business.
Creso Pharma’s US shares trade under the code COPHF.
Ahead of the listing Creso Pharma, non executive chairman Adam Blumenthal commented “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.”
The dual listing will also provide greater exposure for clinical studies in universities, hospitals, and research centres as Creso prepares to enter the lucrative market for psychedelic products.
“The cannabis and psychedelic medicine sectors continue to gain considerable momentum,” the company said.
“Recent regulatory shifts have left Creso in a favourable position, and it is well placed to become a global leader across both sectors,” Blumenthal added.
Creso is also currently taking steps to secure Depository Trust Company (DTC) approval, which would allow real-time electronic clearing and settlement in the US for its ordinary shares.
The move will allow for trading access with major online brokers such as Ameritrade, Fidelity Investments, Tradestation, Charles Schwab and E-trade, which all offer trade services on the OTCQB market.
This article was developed in collaboration with Creso Pharma, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.