Aphria to cut down U.S. cannabis exposure amid TSX delisting review

Licensed marijuana producer Aphria Inc. (TSX:APH) said it is moving to "purify" its balance sheet by reducing its exposure to medical cannabis in the U.S., where pot remains illegal under federal law, as it undergoes a delisting review by the group which operates the Toronto Stock Exchange.

Aphria's chief executive Vic Neufeld said Monday that it continues to be in discussions with TMX Group, Canada's biggest exchange operator, which recently warned that companies that operate in states where cannabis is legal are not in compliance with TSX listing requirements.

Mr. Neufeld said Aphria plans to submit a brief, including documentation and legal opinions, to the TMX group on its stance before the holiday season as the review wraps by the end of the year. However, he said the Leamington, Ont.-based producer is also moving to reduce its U.S. exposure.

"We are trying to endeavour as best as possible, as expeditiously...

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