​Organigram Holdings Inc. sold the second-most amount of recreational cannabis in Canada, after only Canopy Growth Corp., in the most recent quarter. It... Another Canadian pot stock is headed for a U.S. exchange

Organigram Holdings Inc. sold the second-most amount of recreational cannabis in Canada, after only Canopy Growth Corp., in the most recent quarter. It sold twice as much pot as rival Aphria Inc.

That success isn’t showing up in Organigram’s OGRMF, +4.21% OGI, +3.49% valuation, though — the market cap is 5% of Canopy’s CGC, -2.87%WEED, -3.16%  and half of Aphria’s APHA, +3.42% APHA, +3.22%  , according to FactSet data. That is likely a large reason for the company’s move to list its stock on the Nasdaq, which should happen in about a month after Organigram filed for a listing on Friday.

Currently, like the vast majority of the cannabis sector, Organigram’s investor base is primarily retail investors, not institutional investors that typically buy larger blocks of stocks. According to FactSet, funds own just more than 11% of Organigram shares — the vast majority of which is owned by two exchange-traded funds — while about 80% of the float does not have to disclose holdings, which suggests most are retail investors. On average, stocks in the S&P 500 indexSPX, +0.07%  show an inverse ownership trend, with about 88% ownership by funds.

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