Share

You can now buy and sell dagga on Toronto’s stock exchange

Winnipeg - On Bay Street, Toronto’s equivalent of Wall Street, you can now buy weed.

Rather, make that "WEED." Amid what it says is a growing acceptance of Canada’s burgeoning medical-marijuana industry, Canopy Growth switched to the new four-letter stock ticker on the Toronto Stock Exchange on Wednesday.

“We’re thrilled to be marketing WEED on Bay Street,” CEO Bruce Linton said in a statement.

Smiths Falls, Ontario-based Canopy became Canada’s first marijuana unicorn when its market capitalisation surpassed $1bn last year. It currently has a valuation of C$1.6bn. The company has yet to post a net profit, according to data compiled by Bloomberg.

The value of dagga stocks in Canada has swelled as shareholders bet on the legalisation of recreational use.

The government has promised to introduce the necessary legislation in 2017, which would make it the first among the Group of Seven Nations to do so. If legalisation occurs along expected timelines, there could be 3.8 million recreational users and the potential for C$6bn of sales, Canaccord Genuity analysts said in a November note.

Canopy shares have more than tripled in the past 12 months. They rose 2% to close at C$10.05 in Toronto on Wednesday.

Read Fin24's top stories trending on Twitter:


We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.93
+0.0%
Rand - Pound
23.90
+0.0%
Rand - Euro
20.41
+0.1%
Rand - Aus dollar
12.32
+0.1%
Rand - Yen
0.13
+0.0%
Platinum
908.05
+1.2%
Palladium
1,014.94
0.0%
Gold
2,232.75
-0.0%
Silver
24.95
-0.1%
Brent Crude
87.00
+1.8%
Top 40
68,346
0.0%
All Share
74,536
0.0%
Resource 10
57,251
0.0%
Industrial 25
103,936
0.0%
Financial 15
16,502
0.0%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders