Marijuana Set To Become Billion Dollar Industry In Canada
It’s been a wild ride for Canada’s marijuana companies, whose stocks enjoyed an exhilarating high in recent days before mellowing out.
Last week, marijuana stocks suddenly skyrocketed, leaving market analysts bewildered. The enormous upswing in stock prices was even more amazing given that the government is giving every indication it plans to go slow in its promise to legalize recreational marijuana use — a move that the government estimates would unleash a $5 billion to $7 billion Canadian industry.
Stock in the largest marijuana company, Canopy Growth Corp., leapfrogged last Wednesday to a high of $17.86, from $9.75 Canadian. The increase happened so fast that the Toronto Stock Exchange issued four stop-trading orders during the day after the stock rose more than 10 percent in five minutes. More than 24 million shares traded that day.
The trading drove the company’s market cap to more than $2 billion Canadianeven though its...
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