Aurora Cannabis applies for listing on the NYSE
It appears Aurora Cannabis (TSX: ACB) (OTC: ACBFF) has applied for a listing on the New York Stock Exchange (NYSE). Although this is generally a good thing, ACB might want to be careful what it asks for. Rumours persist that some of ACB (and others) have completed asset acquisitions in which the money trail leads back to insiders of the company. Once you list on a high profile exchange such as the NYSE, you fall under the purview of the U.S. Securities and Exchange Commission. Once you move into the big leagues of stock trading, you also come into the big leagues of securities regulators. Just ask Elon Musk (False or misleading information about Tesla), Representative Chris Collins (insider trading), Jeff Skilling (Enron) and, of course, Martha Stewart (insider trading). Musk made a deal that involves stepping down as Chairman of the Board and paying a $20 million fine while Skilling was sentenced to 14 years in prison and a forfeiture of $42 million and Stewart spent five months in jail along with a fine of $30,000. Collins is yet to be tried but the chances of escaping unscathed are very slim.
Only the insiders of companies seeking a listing on the NYSE know what they have done. If you have done something, you might reconsider the application or step down from any positions immediately.