Recently, GW Pharmaceuticals PLC- ADR(NASDAQ:GWPH) updated on its plans of withdrawing its listing on the LSE AIM, effective December 2, 2016. However, the company’s stock will continue to trade on NASDAQ exchange under its current symbol. AIM is the London Stock Exchange’s international platform for smaller growing firms. GW stock has been listed on AIM since 2001.
The management speaks
Justin Gover, the CEO of GW Pharmaceuticals, said that since listing on NASDAQ platform in 2013, the company has raised almost $800 million mainly from U.S. investors. It has helped transform company’s operations and its visions. With the big chunk of shares held and traded in the United States in the form of ADRs, it seems the right time to minimize the expense and complexity of a dual listing.
The listing cancellation on the AIM platform will have no impact on GW’s U.K. presence, which has considerably expanded in recent years. Gover added that they remain firmly devoted to bringing vital products to the international market, offerings that are researched as well as produced in the U.K.
At the time of this announcement, 78% of GW’s Ordinary Shares were held in ADR form on the NASDAQ platform with nearly 94% of trading in the last 6 months taken place on the NASDAQ. All stockholders who have not converted their shares into ADRs can do so any time. Following termination of the AIM listing, GW stock will just be tradeable on the NASDAQ exchange in the United States.
Moving focus from GW Pharmaceuticals to Singlepoint Inc (OTCMKTS:SING), it was found that the company’s subsidiary firm is looking to capitalize on opportunities presented in the growing cannabis market. Greg Lambrecht, the CEO, said that this seems to be an ideal time to aggressively engage in the cannabis marketplace.
A couple of years ago, the company created its significant presence in the world of first merchant service providers aiming cannabis industry. The company will be leveraging associations with existing customers to accelerate growth. Moreover, there are many other smaller firms in cannabis space that, as part of overall rollup measure, Singlepoint would seek to acquire.