Canadian pot producer Aphria on Tuesday said it would begin trading on the New York Stock Exchange on Friday under the ticker "APHA," as other U.S.-listed marijuana stocks rebounded despite Canada's recreational weed shortages.

"Listing on the NYSE provides Aphria with access to the largest equity market in the world, with increased exposure to a vast array of U.S. institutional and retail investors," CEO Vic Neufeld said in a statement. He added: "We are excited to usher in a new era with the recent legalization of adult-use cannabis in Canada and as we aim to further expand our footing in exciting markets such as Latin America, the Caribbean and Europe."

Marijuana Stocks Rebound

An Aphria NYSE listing would follow Aurora Cannabis' (ACB) last week. Tilray (TLRY), Canopy Growth (CGC) and Cronos Group (CRON) began trading on the big U.S. exchanges earlier this year. Aphria currently trades on the Toronto Stock Exchange, or the TSX.

Marijuana stocks were mostly higher Tuesday. Aurora picked up 3% in the stock market today. Tilray dipped 0.6%. Canopy Growth gained 2.7%. Cronos was up 3.7%.

Tobacco giant Altria (MO) was weighing whether to take a stake in Aphria, the Globe and Mail reported this month. Any move from Altria would follow beer-and-wine giant Constellation Brands' (STZ) $4 billion investment in Canopy Growth, announced in August. A subsidiary of U.K. tobacco company Imperial Brands (IMBBY) in June said it was investing in a medical marijuana research firm.

Potential U.S. Entry For Aphria?

GMP Securities analyst Martin Landry, in a research note this month, said Aphria's build-out of near-term production capacity would position the company well for the recreational market. That market is currently starved for weed.

He also said the company was sitting on 150 million Canadian dollars of excess cash. That extra money would make it well equipped for an expansion into the U.S.

"At present, the TSX listing requirements prohibit Aphria from owning U.S. cannabis operations. The 2018 Farm Bill and the STATES Act are two pieces of U.S. legislation which could be passed in the next 12-18 months and enable the company to enter the U.S. cannabis market."

Lawmakers are still finalizing the farm bill, which could legalize industrial hemp. The STATES Act would keep the federal government out of states' cannabis-related legislative decisions.

Aphria's first-quarter results this month came in below GMP's expectations. The firm cited lower-than-expected pricing per gram amid increased wholesale orders. Higher production costs also hurt, GMP said, with staffing constraints causing harvesting problems. Still, Landry kept a buy rating on Aphria, citing its capacity ramp-up and the potential for its cash horde to fund expansion.

Canada Recreational Legalization Stumbles

Since Canada's era of legal recreational pot began on Oct. 17, the provinces have struggled to keep up with demand.

Quebec's government-run shops will close three days a week to allow supplies to replenish. There are also concerns that British Columbia has too few stores. In Ontario, which accounts for around 40% of Canada's population, the province's online-only model has been tripped up by delays.

"While it is difficult to assess how much of the increase is demand vs. supply driven or increased traffic given brick-and-mortar inventory levels (i.e., Quebec's announcement to close stores three days per week), demand clearly continues to outstrip supply," Cowen analyst Vivien Azer said in a research note on Tuesday.

She said the demand remained encouraging. Cowen's research showed that pre-rolled joints and cannabis oil products had higher out-of-stock rates than buds.

Canopy Growth CEO Bruce Linton has said supply and demand should even out in the weeks to come, Azer noted. Neufeld said Aphria would not be able to meet short-term demand.

"With 12 days of cannabis legalization in the rear view, it becomes increasingly clear that recreational cannabis sales in 2018 will be much lower than previously expected," Landry said in a research note on Monday.

"The extremely limited distribution network in many provinces, fulfillment challenges in Ontario, inventory shortage in Quebec and LPs (licensed producers) coping with limited availability of excise stamps may take several months to be resolved."