Yesterday, international hemp-derived CBD company Elixinol (ASX: EXL) began trading on the OTCQX, a U.S. based stock market exchange, under the ticker symbol ELLXF. The company is based in Australia and has distribution & manufacturing of their products setup in the United States, Europe, South America, and Japan.
Last July, the company announced sales of A$8 million dollars for their second quarter which was up 111% from Q2 2017. Elixinol sells an assortment of Cannabidiol (CBD) based products such as tinctures, topicals, capsules and pet products.
By setting up their company to begin trading on the OTCQX, Elixinol hopes to expand awareness about their company’s stock and product line internationally. The OTCQX is the most prestigious on the OTC markets as they require the company’s trading on the exchange to be fully reporting with the SEC.
Elixinol is currently trading at $1.52 per share and has a current market cap of over $158 million dollars since it commenced trading yesterday. As the company moves onto an American based stock market exchange it could be positioning itself to take advantage of of new legislation in the U.S. Farm Bill 2018 which, when passed, will legalize the cultivation of industrial hemp throughout the country.
Elixinol Ceo Paul Benhaim gave this statement in the company’s press release:
“Our growth strategies are set to be supported by major regulatory developments unfolding worldwide that will have a significant impact on the industry, including the pending US Farm Bill. If passed by the US government and signed by the president, industrial hemp will be categorised as an agricultural commodity and removed from the DEA’s list of schedule 1 drugs. This will facilitate further consumer demand from hemp-derived CBD products, and drive additional sales and marketing opportunities for Elixinol in the US.”