2/4/2017 – Buy low, sell high. That might as well have been the motto at the Toronto stock exchange this week as Canopy Growth Corp, a major medical marijuana producer out of Smiths Falls, Ontario, received its brand new four letter stock ticker, WEED.
With medical marijuana becoming more and more accepted in a number of countries around the world, and the money making potential for recreational marijuana being made legal in both the United States and Canada, Canopy is ahead of the game, being among the very first marijuana based companies to actually take themselves to the floor of a major international stock exchange.
Speaking from Bay Street, Toronto’s homegrown version of Wall Street, Canopy Growth Corp CEO Bruce Linton told reporters that he was “thrilled to be marketing WEED”, and is looking forward to the coming years and to the growth of his business.
Canopy Growth Corp posted a market valuation of $1.6 billion CAD last year, and is just one of many companies prepared to make it big should legalization occur in the coming years. They haven’t yet posted their net profits, however, but analysts expect them to be significant, and shares are currently trading at $10.05 a piece.
Marijuana has become such a pressing issue in Canada that the current government has created a special task force that is meant to exclusively gather research on the issue before a decision is made, which is likely to come at the end of this year. The panel has, however, already submitted their own suggestions to the government well ahead of their due date, one of which, according to the Toronto Sun, “suggested Canadians 18 and older should be allowed to buy recreational cannabis through storefront and mail-order sales.”
To further make themselves ready for the coming legalization, Canopy has begun finding partnerships across the world, and has even found a few celebrity endorsements to support their product. The Prince of Pot himself, Snoop Dogg, is already signed on with the company, investing a significant amount of money into Canopy and providing them with the services of his media company, Mary Jane.
The world continues to wait, but it seems we are yet one step closer to finally seeing full marijuana legalization on our side of the ocean, and if it starts in Canada, maybe, just maybe, it has a shot of trickling down over the border soon after.
