Ron Strider
Well-Known Member
Canadian marijuana companies were still feeling the Christmas cheer on Wednesday, as some pot producers saw big gains in their stock prices on the first day of trading after a holiday break.
Smiths Falls, Ont.-based Canopy Growth Corp., Canada's largest licensed producer of cannabis, closed Wednesday at $27.77, up more than 20 per cent. The day's gains increased the market capitalization of Canopy by nearly $1 billion, pushing the company's value to approximately $5.3 billion.
The Canadian Marijuana Index, which tracks 18 cannabis stocks, including Canopy, was up more than 18 per cent.
"It seems to me foreign investors are buying Canadian cannabis and it's like a firehose into a straw, because they're going to go for the big names, the liquid names," said Chris Damas, editor of the BCMI Cannabis Report. "It's the quantifiable dollars hitting an unquantifiable upside."
ETF Managers Group
The bump in Canadian pot stocks comes a day after New Jersey-based ETF Managers Group LLC announced that a fund including several Canadian pot stocks, "one of the first of its kind available to U.S. investors," was live and available for trading on the NYSE Arca exchange.
The ETF holds Canadian medical marijuana companies such as Canopy Growth, CannTrust Holdings Inc. and MedReleaf Corp. CannTrust's stock price gained 7.8 per cent Wednesday, while MedReleaf shares increased by 4.7 per cent.
The post-Christmas bump for cannabis stocks also comes with California just days away from its Jan. 1 deadline to legalize recreational marijuana. California, the most populous U.S. state, is legalizing about seven months ahead of Canada's target date of July 2018. Canadian cannabis companies have been expanding their operations and seeing their share prices surge as the end of pot prohibition approaches.
Licenses
Canopy announced on Dec. 21 that its Quebec-based, wholly-owned subsidiary, Vert Cannabis, had received a production license from Health Canada and will start producing in the first quarter of 2018. According to a release, Canopy acquired Vert in November 2016 as part of a push into Quebec.
"The licensing of Vert Cannabis in Saint Lucien, combined with the recently announced Vert Mirabel joint venture with Les Serres Bertrand, positions Canopy Growth as Québec's leader in both craft-scale indoor production and large-scale greenhouse production," said Adam Greenblatt, Canopy's Quebec brand manager, in a release.
As of Dec. 21, there had been 82 licenses issued to grow or sell medical marijuana (or do both) by Health Canada, with many more expected to be awarded to help meet the expected demand for recreational cannabis next year.
News Moderator: Ron Strider 420 MAGAZINE ®
Full Article: Marijuana stocks surge again as trading resumes after Christmas break | Financial Post
Author: Geoff Zochodne
Contact: Contact | Financial Post
Photo Credit: Stefan Wermuth
Website: Canada Business News | Financial Updates & Information | Financial Post
Smiths Falls, Ont.-based Canopy Growth Corp., Canada's largest licensed producer of cannabis, closed Wednesday at $27.77, up more than 20 per cent. The day's gains increased the market capitalization of Canopy by nearly $1 billion, pushing the company's value to approximately $5.3 billion.
The Canadian Marijuana Index, which tracks 18 cannabis stocks, including Canopy, was up more than 18 per cent.
"It seems to me foreign investors are buying Canadian cannabis and it's like a firehose into a straw, because they're going to go for the big names, the liquid names," said Chris Damas, editor of the BCMI Cannabis Report. "It's the quantifiable dollars hitting an unquantifiable upside."
ETF Managers Group
The bump in Canadian pot stocks comes a day after New Jersey-based ETF Managers Group LLC announced that a fund including several Canadian pot stocks, "one of the first of its kind available to U.S. investors," was live and available for trading on the NYSE Arca exchange.
The ETF holds Canadian medical marijuana companies such as Canopy Growth, CannTrust Holdings Inc. and MedReleaf Corp. CannTrust's stock price gained 7.8 per cent Wednesday, while MedReleaf shares increased by 4.7 per cent.
The post-Christmas bump for cannabis stocks also comes with California just days away from its Jan. 1 deadline to legalize recreational marijuana. California, the most populous U.S. state, is legalizing about seven months ahead of Canada's target date of July 2018. Canadian cannabis companies have been expanding their operations and seeing their share prices surge as the end of pot prohibition approaches.
Licenses
Canopy announced on Dec. 21 that its Quebec-based, wholly-owned subsidiary, Vert Cannabis, had received a production license from Health Canada and will start producing in the first quarter of 2018. According to a release, Canopy acquired Vert in November 2016 as part of a push into Quebec.
"The licensing of Vert Cannabis in Saint Lucien, combined with the recently announced Vert Mirabel joint venture with Les Serres Bertrand, positions Canopy Growth as Québec's leader in both craft-scale indoor production and large-scale greenhouse production," said Adam Greenblatt, Canopy's Quebec brand manager, in a release.
As of Dec. 21, there had been 82 licenses issued to grow or sell medical marijuana (or do both) by Health Canada, with many more expected to be awarded to help meet the expected demand for recreational cannabis next year.
News Moderator: Ron Strider 420 MAGAZINE ®
Full Article: Marijuana stocks surge again as trading resumes after Christmas break | Financial Post
Author: Geoff Zochodne
Contact: Contact | Financial Post
Photo Credit: Stefan Wermuth
Website: Canada Business News | Financial Updates & Information | Financial Post
