Winnipeg - On Bay Street, Toronto’s equivalent of Wall Street, you can now buy weed.
Rather, make that "WEED." Amid what it says is a growing acceptance of Canada’s burgeoning medical-marijuana industry, Canopy Growth switched to the new four-letter stock ticker on the Toronto Stock Exchange on Wednesday.
“We’re thrilled to be marketing WEED on Bay Street,” CEO Bruce Linton said in a statement.
Smiths Falls, Ontario-based Canopy became Canada’s first marijuana unicorn when its market capitalisation surpassed $1bn last year. It currently has a valuation of C$1.6bn. The company has yet to post a net profit, according to data compiled by Bloomberg.
The value of dagga stocks in Canada has swelled as shareholders bet on the legalisation of recreational use.
The government has promised to introduce the necessary legislation in 2017, which would make it the first among the Group of Seven Nations to do so. If legalisation occurs along expected timelines, there could be 3.8 million recreational users and the potential for C$6bn of sales, Canaccord Genuity analysts said in a November note.
Canopy shares have more than tripled in the past 12 months. They rose 2% to close at C$10.05 in Toronto on Wednesday.