The graphs' bars show the average daily dollar trading volume for sixteen of the largest U.S. MSOs and five of the largest Canadian LPs from 1/1/23 through 5/19/23.


The blue bars represent the volume on the primary exchange, while the orange bars depict the volume on the secondary exchange. Note: both Tilray (TLRY: Nasdaq) and Canopy Growth (CGC: Nasdaq) have higher trading volume than shown on the graph at $17.5M and $17.6M, respectively.  

Investors incorrectly assume that most U.S. companies trade primarily on Canadian exchanges. However, eleven U.S. companies have higher volumes on the OTC than on the Canadian exchanges. Only Jushi (JUSH: CSE)(JUSHF: OTCQX), TerrAscend (TER: CSE)(TRSSF:OTCQX), Curaleaf (CURA: CSE)(CURLF: OTCQX), Verano (VRNO: CSE)(VRNOF: OTCQX), and Cresco (CL: CSE)(CRLBF: OTCQX) actually trade more on the CSE. 

The green line on the chart shows the market cap divided by the average dollar volume or the days required to trade the company's market cap. This measure puts trading volume on a common scale that normalizes for the significant scale differences between the companies.

The largest dollar volume U.S. traders, Green Thumb (GTII: CSE)(GTBIF: OTCQX), and Trulieve (TRUL: CSE)(TCNNF: OTCQX) trade between $3M and $4M per day, similar to the lowest volume Canadian traders Cronos (CRON: Nasdaq)(CRON: TSX) and Aurora (ACB: Nasdaq)(ACB: TSX). However, Green Thumb and Trulieve would require …

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