Canopy Growth Corp becomes Canada's first billion dollar marijuana stock
When it comes to Canada’s sizzling medical marijuana sector, a million dollars just isn’t cool anymore. Well, at least not for Canopy Growth Corp (TSX:CGC).
Spurred, as many medical cannabis stocks were, by a vote to legalize marijuana in the state of California, Canopy this week soared past the billion dollar market capitalization mark. With a couple hours left until the markets closed on Friday, the stock was trading at $9.36, giving it a market cap of $1.2-billion.
The milestone for Canopy comes just two-and-a-half years after it began to trade publicly as Tweed Marijuana. The company went public through a comparitively humble reverse merger than netted it $30-million and management set about turning a former Hershey’s chocolate plant in Smiths Falls, Ontario into a marijuana empire.
It wasn’t long before Tweed was making moves that surprised the market. A few months after its public listing the company announced it...
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