Cannabis stock skyrockets in advance of task force report

The nine-member federal task force on cannabis regulation and legalization has handed in its final report to the federal Liberal government today (Nov. 30), and while it is expected to be days or even weeks before the panel’s recommendations of will be made public, several Canadian cannabis stocks have shot up dramatically in expectation.

Canopy Growth Corp., a medical cannabis producer with just $18.1-million of revenue in the year through September, has jumped 277 per cent in 2016 for a market capitalization of $1.3-billion. Aphria Inc. and Aurora Cannabis Inc., two other major Canadian suppliers, are up 280 percent and 349 percent respectively for the year for market values of $478.8-million and $670.6-million.

Experts say there could be around 3.8 million legal recreational users across the country within the next five years and the potential for $6-billion of sales.