Canadian hashish firm Valens is aiming for a list on Nasdaq

Canadian cannabis products maker The Valens Co. announced its first application to list shares on the Nasdaq US stock exchange.

As part of the Nasdaq listing plan, Valens will attend a meeting on May 25th asking shareholders to approve a stock consolidation.

“If the stock consolidation is approved at the AGM, the company expects to meet the requirements for listing on Nasdaq shortly thereafter, including Nasdaq’s financial and liquidity requirements,” Valens said in a press release released on Wednesday.

Valens expects Nasdaq to make a decision on the company’s application by the end of June.

“We believe that listing in the US opens up several opportunities to improve the company’s visibility, increase liquidity, and expand general awareness of The Valens Company to a larger investor base while adding value to our shareholders,” Valens President Jeff Fallows said in the press release.

Valens shares will continue to be listed on the Toronto Stock Exchange, where they will trade as the VLNS.

Valens said its over-the-counter shares will continue to be listed as the VLNCF “until the shares can be listed on the Nasdaq when the company’s listing application is approved.”

Earlier this week, Valens announced a deal to buy Green Roads, a Florida-based maker of hemp-derived CBD products, for at least $ 40 million.

Valens filed a base prospectus earlier this year to raise up to 150 million Canadian dollars ($ 121 million).

Several other Canadian cannabis companies have competed on the Nasdaq in the past few months, including major retailers Fire & Flower and High Tide.

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