Interesting...Cannabis stock Canopy hits $1 billion
FP says Canopy becomes world's first "cannabis unicorn"
2016-11-14 06:11 ET - In the News
See In the News (C-CGC) Canopy Growth Corp
The Financial Post reports in its Saturday edition that Canopy Growth ($9.34) is Canada's first marijuana "unicorn" after reaching a billion-dollar valuation Friday as part of an industry-wide rally buoyed by last week's legalization push in eight American states. The Post's Sunny Freeman writes that Canopy stock is up 386 per cent in the past year. Its market capitalization hit $1.15-billion Friday morning, giving it the elusive "unicorn" status reserved for start-ups that reach the $1-billion mark. Publicly traded Canadian marijuana firms, including large players such as Aphria ($4.64) and Mettrum Health ($5.31) are now valued at a combined total of more than $3-billion, after massive growth in their share values in the short while. Canopy boss Bruce Linton said the milestone valuation gives the firm the capital to scale up further to prepare for a Canadian recreational market, which is expected to open in 2018. Tweed, the company subsidiary positioned to operate in the recreational market, plans to double its production at its facility south of Ottawa by the end of the year. Mr. Linton said, "The actual number isn't as important as the fact that it validates a sector that is coming out of prohibition."