Canopy Growth celebrated yesterday morning by ringing the opening bell; the closest thing traders will get to a wake and bake at the office. The Orange juice and champagne were flowing, and CEO Bruce Linton, as well as some staff, were on hand to mark the occasion. The company’s stock value recently jumped 14% according to Vice News, which estimates the Canopy Growth to be worth roughly $300 million.
Canopy is listed on the Exchange as CGC for the moment but this December the TSX is introducing a five-letter cap, allowing Canopy to change their official listing to WEED. When the TSX offered this acronym to Linton and other executives, they balked at first considering their medical reputation, but they reconsidered after a month of pondering. “If we don’t take it, we’re going to feel really bad [later],” Linton said.
Canopy is now in the same exclusive club as other stocks traded on the exchange, some of which are judgmental of their new marijuana brethren. This fact is not lost on Linton, who took the occasion to call out Royal Bank for their policy of refusing to cooperate with the cannabis industry in any way. “The reason why it’s hilarious is because we’re now on the same exchange as the Royal Bank. And the only business in Canada that won’t do business with marijuana companies like us is the Royal Bank, and now we’re neighbors,” Linton said.
No word yet on if RBC will be more ‘neighborly’ and change their policies when legalization happens, but they may need to if they want to keep up with the new face of big business in Canada.