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Canopy Growth, The Largest Marijuana Business In The World, Debuted On Toronto Stock Exchange

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Canopy Growth, The Largest Marijuana Business In The World, Debuted On Toronto Stock Exchange
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Readers have probably heard about Canopy Growth Corp (TSE:WEED) (CVE:CGC)(OTC: TWMJF); it’s been all over the news in the past few weeks.

Canada-based Canopy Growth is the largest legal marijuana company in the world, and parent of Tweed, the famous pot brand endorsed by Snoop Dogg.

Just a few days ago, the company announced it had purchased the 42-acre property that already housed its headquarters and Tweed's cultivation facility. A few days later, management said its acquisition of Mettrum Health Corp (CVE: MT) (OTC: MQTRF) had been approved by both companies’ boards.

Now, the latest news: Canopy debuted on the Toronto Stock Exchange under WEED Wednesday. Previously, it traded under the ticker CGC. Before that, shares traded on the TSX Venture. “We’re thrilled to be marketing WEED on Bay Street,” CEO Bruce Linton said in a statement, starting a joke about the ticker that would be repeated across uncountable media outlets.

Early Leadership

Following the opening of the stock in the TSE, Benzinga reached out to Alan Brochstein, founding partner at New Cannabis Ventures and founder at 420 Investor, who shared some commentary.

“Canopy Growth has assembled the broadest platform of production facilities and brands in Canada, establishing an early leadership in its federal legal medical cannabis program,” he pointed out. “It has also built an initial presence in Germany, which just legalized medical cannabis broadly, with distribution in pharmacies and insurance reimbursement.”

In addition, the expert shared a graph to help readers better understand how big and diversified the company is.

Source: Canopy Growth Corp

With a market cap of $1.3 billion, Canopy Growth is the largest marijuana cultivation company in the world, and the second-largest player in the cannabis industry, only outranked by GW Pharmaceuticals PLC- ADR (NASDAQ: GWPH).

Investors should notice that recreational use of cannabis remains illegal in Canada under current legislation, and only medical marijuana is allowed. However, speculation about an imminent legalization of recreational weed is mounting. And, with it, expectations about the size of the market and potential profits for Canopy Growth, are also surging.

In order to shed some light on the issue, Benzinga reached out to several experts. Follow this link to find out When Will Canada Legalize Weed according to some of the savviest people in the industry.

Disclosure: Canopy Growth Corp is a client of Brochstein’s at New Cannabis Ventures, where they provide an Investor Dashboard for the company.

Posted-In: Biotech Long Ideas News Emerging Markets Politics Topics IPOs Markets Best of Benzinga

 

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