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This document is page 126 from a December 2017 Cannabis Investment Report by Ackrell Capital. It features a detailed comparison table of U.S. stock markets (Nasdaq, NYSE, and OTC), analyzing them by tiers, listed companies, market value, and regulatory requirements. The document bears the Bates stamp 'HOUSE_OVERSIGHT_024762', indicating it was obtained during a House Oversight Committee investigation, likely related to financial records involving major banks or investment firms.
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"Most U.S. publicly traded cannabis-related companies trade on the OTC due to its less stringent requirements, as compared to Nasdaq and the NYSE."Source
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ACKRELL CAPITAL
Cannabis Investment Report | December 2017
Cannabis Investment Report | December 2017
Comparison of U.S. Stock Markets
U.S. stock markets vary significantly in terms of their financial, liquidity and corporate governance requirements. Most U.S. publicly traded cannabis-related companies trade on the OTC due to its less stringent requirements, as compared to Nasdaq and the NYSE. The following chart provides a comparison of Nasdaq, the NYSE and the OTC.
U.S. stock markets vary significantly in terms of their financial, liquidity and corporate governance requirements. Most U.S. publicly traded cannabis-related companies trade on the OTC due to its less stringent requirements, as compared to Nasdaq and the NYSE. The following chart provides a comparison of Nasdaq, the NYSE and the OTC.
U.S. Stock Market Comparison
[Column Headers: Nasdaq | NYSE | OTC]
Market Tiers
Nasdaq: Nasdaq Global Select Market, Nasdaq Global Market, Nasdaq Capital Market
NYSE: NYSE, NYSE American
OTC: OTCQX, OTCQB, OTCPink
Nasdaq: Nasdaq Global Select Market, Nasdaq Global Market, Nasdaq Capital Market
NYSE: NYSE, NYSE American
OTC: OTCQX, OTCQB, OTCPink
Number of Listed Companies
Total:
Nasdaq: 3,200+
NYSE: 2,800+
OTC: 10,300+
Total:
Nasdaq: 3,200+
NYSE: 2,800+
OTC: 10,300+
Cannabis-related:
Nasdaq: 4
NYSE: 3
OTC: 212
Nasdaq: 4
NYSE: 3
OTC: 212
Market Value¹
Total:
Nasdaq: $11.3 trillion
NYSE: $29.6 trillion
OTC: $247.7 billion
Total:
Nasdaq: $11.3 trillion
NYSE: $29.6 trillion
OTC: $247.7 billion
Median:
Nasdaq: $334.0 million
NYSE: $1.5 billion
OTC: $0.5 million
Nasdaq: $334.0 million
NYSE: $1.5 billion
OTC: $0.5 million
Listing or Trading Requirements
Nasdaq: Must meet financial and liquidity criteria under at least one category of Standards. Criteria include: Stockholders' Equity, Market Capitalization, Operating History, Net Income, Amount of Publicly Held Shares and Number of Shareholders.
NYSE: Must meet financial and liquidity criteria under at least one category of Standards. Criteria include: Stockholders' Equity, Market Capitalization, Pre-tax Income, Amount of Publicly Held Shares and Number of Shareholders.
OTC: OTCQX: Must meet minimum financial and liquidity criteria
OTCQB and OTCPink: No financial and liquidity criteria
Nasdaq: Must meet financial and liquidity criteria under at least one category of Standards. Criteria include: Stockholders' Equity, Market Capitalization, Operating History, Net Income, Amount of Publicly Held Shares and Number of Shareholders.
NYSE: Must meet financial and liquidity criteria under at least one category of Standards. Criteria include: Stockholders' Equity, Market Capitalization, Pre-tax Income, Amount of Publicly Held Shares and Number of Shareholders.
OTC: OTCQX: Must meet minimum financial and liquidity criteria
OTCQB and OTCPink: No financial and liquidity criteria
Minimum Share Price
Nasdaq: Nasdaq Global Select Market: $4.00, Nasdaq Global Market: $4.00, Nasdaq Capital Market: $2.00
NYSE: NYSE: $4.00, NYSE American: $2.00
OTC: OTCQX: $0.10, OTCQB: $0.01, OTCPink: None
Nasdaq: Nasdaq Global Select Market: $4.00, Nasdaq Global Market: $4.00, Nasdaq Capital Market: $2.00
NYSE: NYSE: $4.00, NYSE American: $2.00
OTC: OTCQX: $0.10, OTCQB: $0.01, OTCPink: None
Corporate Governance Requirements
Nasdaq: • Annual audit • Audit committee and compensation committee • Majority of independent directors
NYSE: • Annual audit • Audit committee and compensation committee • Majority of independent directors
OTC: OTCQX and OTCQB: • Annual audit • Audit committee • Two independent directors
OTCQB: No requirements
Nasdaq: • Annual audit • Audit committee and compensation committee • Majority of independent directors
NYSE: • Annual audit • Audit committee and compensation committee • Majority of independent directors
OTC: OTCQX and OTCQB: • Annual audit • Audit committee • Two independent directors
OTCQB: No requirements
Reporting Requirements
Nasdaq: Required to file quarterly and annual reports
NYSE: Required to file quarterly and annual reports
OTC: Not required to make regular filings
Nasdaq: Required to file quarterly and annual reports
NYSE: Required to file quarterly and annual reports
OTC: Not required to make regular filings
Registration Requirements
Nasdaq: Required to register with the SEC
NYSE: Required to register with the SEC
OTC: Not required to register with the SEC
Nasdaq: Required to register with the SEC
NYSE: Required to register with the SEC
OTC: Not required to register with the SEC
¹Source: S&P Global Market Intelligence
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© 2017 Ackrell Capital, LLC | Member FINRA / SIPC
© 2017 Ackrell Capital, LLC | Member FINRA / SIPC
HOUSE_OVERSIGHT_024762
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