Cannabis investment firm Chemistree Technology Inc (CNSX:CHM) said Wednesday that its common shares are now eligible for electronic clearing and settlement through the Depository Trust Co in the United States.
DTC is a subsidiary of the Depository Trust & Clearing Corp., a US company that manages the electronic clearing and settlement of publicly traded companies. Chemistree said in a press release that it expects DTC eligibility to simplify the process of trading and enhance liquidity of its shares in the US.
"The ability to have Chemistree shares electronically transferred between brokerages in the United States is significantly more convenient and reduces the costs incurred in trading shares," Karl Kottmeier, president of Chemistree, said in a statement. "With our shares now traded electronically, existing investors benefit from greater liquidity and execution speeds, while we've also opened the door to new investors who may have been previously restricted from our stock."
Shares of Chemistree slipped C$0.01 to C$0.43 in Wednesday’s Canadian trading.
Earlier this week, Chemistree said it is teaming up with a cannabis processor in Humboldt County, California, and plans to lend the company US$450,000
Contact Dennis Fitzgerald at [email protected]