In another milestone that propels the Canadian cannabis industry upward, Canopy Growth Corporation has become the first company in the marijuana sector to join the S&P/TSX. For those not in the know, the S&P/TSX is the Canadian equivalent of the S&P 500, an elite index of companies that are among the top performers within the national business landscape.
“[We] haven’t officially been added yet, it gets added after close of trading on the 17th,” said Director of Communications Jordan Sinclair in an interview with Marijuana.com. “The first day that it would count will be the 20th.”
The decision is fantastic news for Canopy and they clearly recognize its importance. “For us what it really means is an added layer of credibility. You’re on the list of companies that make up the representation of that market. Companies that have a lot of activity and interest in their stock and have certain market capitalization requirements that they have met.” The addition of Canopy to the S&P/TSX Index marks the first marijuana company in history to join the list.
Looking at this from a broader scope, Canopy joining the S&P/TSX is a significant step towards legitimacy in the eyes of Canadians and other countries looking to our legalization example. “Credibility in this sector is important and building credibility is a part of the price you have to pay to be in business in this sector. This is a big step forward in that regard.”
Sinclair notes that although this is fantastic news for the cannabis sector, there is more to be done in order to erase decades of reefer madness propaganda. “There’s still a lot of work to be done. There are still people that need to understand the business and the more things like this that we do, the greater that number becomes.”
As this Friday comes to close and the Smiths Falls ON headquarters of the world cannabis giant shuts down for the weekend, Canopy and its many employees will have some celebrating to do. But further to their celebrations, marijuana-lovers everywhere should consider the significance of a cannabis grower being among the top performing companies in Canada.
Say what you want about licensed producers in our country, love them or hate them, the fact that marijuana is being treated like a lucrative commodity as opposed to a blight on society is incredible.
Cannabis photo from the Tweed greenhouse facility in Niagara-on-the-Lake, Ont. by Ezra Soiferman.