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Creso Pharma (ASX:CPH) shares fly high on US OTC dual listing completion

Summary

  • Creso Pharma all set to commence trading on the US-based OTC market under the code ‘COPHF’ from 11 June (US OTC Market Time).
  • The decision to go ahead with the US dual listing follows considerable interest from several North American investors.
  • The listing will provide Creso access to deeper capital markets and the rapidly growing US cannabis market.
  • The Company is also seeking Depository Trust Company (DTC) approval to simplify trading and enhance liquidity.

Creso Pharma Limited’s (ASX:CPH) wait to start trading on the US-based OTCQB (OTC) market is now over as the Company has successfully completed a dual listing on the US over-the-counter (OTC) market. Creso will commence trading on 11 June 2021 (USA OTC Market Time) under the code ‘COPHF’.

The important update cheered the market participants, with Creso shares surging over 12% to reach AU$0.180 (at 2:40 PM AEST).

Source: © Panteleev83 | Megapixl.com

Creso’s significant move to list on the OTC market comes amid a continued upturn in the cannabis and psychedelics space. Furthermore, with the recent regulatory shifts, the Company finds itself in a promising position and is well placed to become the global leader in the psychedelics and the cannabis space.

ALSO READ: Legislative tailwinds to bolster Creso and Halucenex’s entry into US psychedelics market

The decision to move forward with the US dual listing followed considerable interest from an extensive range of North American investors, driven by the Company’s significant milestones, including:

  • The proposed acquisition of psychedelics company Halucenex Life Sciences Inc.
  • Robust sales growth of wholly owned Canadian subsidiary Mernova Medicinal Inc.
  • The appointment of Mr Bruce Linton, a leading cannabis entrepreneur.

The dual listing will offer CPH access to the capital markets and provide North American investors accessibility and liquidity to invest in an established psychedelics and cannabis medicines firm. This allows for a potential revaluation of Creso, consistent with the latest demand witnessed by the Company’s North American peers.

DO READ: Creso Pharma extends deal with Route2 Pharm to foray into Ecuador market

The US market entry aligns with Creso’s strategic outlook to expand its operation within the region.

Creso Pharma to secure DTC approval

The Company also disclosed that it was taking steps to secure a DTC approval. The DTC would allow Creso real-time electronic clearing and settlement for its ordinary shares in the US through the Depository Trust Company (DTC). Online brokers offering OTCQB trades include Ameritrade, Fidelity Investments, Tradestation, Charles Schwab and E-trade.

The DTC approval would streamline the trading process and enhance liquidity for a large pool of North American investors amidst the constant market upsurge in cannabis and psychedelic treatments.

Depository Trust Company is the world's biggest central securities depository. It allows record-keeping of balances of securities in electronic form. The DTC offers settlement services for nearly all equity, corporate, and money market securities in the US.

Commenting on the update, Adam Blumenthal, Non-executive Chairman of Creso, stated-

DID YOU KNOW: Creso Pharma (ASX:CPH) to foray into global livestock market with anibidiol® swine


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