Does This Marijuana Stock’s Decision to List on the NYSE Make It a Buy?

Canadian marijuana stocks are increasingly deciding it’s time to offer their shares to investors directly on the major U.S. stock exchanges, and Aurora Cannabis (NASDAQOTH:ACBFF) is the latest of them to take the leap. This week, Aurora Cannabis announced it’s filed to list its shares on the New York Stock Exchange. Trading of its shares under the ticker symbol “ACB” could begin by the end of October if everything goes off without a hitch. Does Aurora Cannabis’ decision make it a stock worth adding to portfolios?

A major market opportunity

The United Nations estimates that the global marijuana market is worth $150 billion annually; over the coming years, more of those billions of dollars in spending are likely to happen in government-regulated marketplaces.

In the U.S., where marijuana remains illegal federally, 31 states have already passed laws legalizing medical marijuana in one form or another, and nine states have passed laws that clear the way for regulated adult-use markets.

In 2014, Canada made changes to its medical marijuana laws that established a national marijuana market, and on Oct. 17, the country’s national recreational use marketplace will open for business.

There’s also a growing willingness in Europe to embrace cannabis. Germany created a nationwide medical marijuana market in 2017, and recently, the United Kingdom agreed to review its existing marijuana policy.

The potential for many countries to establish marijuana markets is why beer, wine, and spirits maker Constellation Brands (NYSE:STZ) estimates the legal, global marijuana market will be…

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