Government licensed cannabis grower Canopy Growth Corp. became the first cannabis producer in North America to be listed on a major stock exchange today.
The medical cannabis supplier was trading as high as $3.53 and down to $3.24 by the afternoon after dropping to $3.07.
Canopy, along with several other licensed producers, had previously been listed on the TSX Venture Exchange, a junior listing for smaller companies with less stringent requirements to be listed. Companies have the option of being listed on the TSX once they sufficiently grow. Canopy will now be delisted from the Venture Exchange.
“Being the first cannabis producing company in North America listed on a major exchange such as the TSX strengthens the sector and is expected to bring Canopy Growth to international institutional investors,” said Canopy CEO Bruce Linton. “The TSX is the stock exchange for Canada’s banks and elite publicly traded companies, and we hope that the addition of Canopy Growth helps signal that the world’s view of cannabis has finally shifted, starting right here in Canada.”