California Legalization Has Canadian Pot Stocks Smoking
- Enthusiasm in state may foreshadow Canadian demand: analyst
- Race to add to ETF also contributing to renewed vigor
Enthusiasm High for Legal Pot Sales in California
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Long line ups to buy marijuana in California and a new ETF sent Canadian pot stocks roaring into the new year.
THC BioMed International Ltd. surged 55 percent intraday and CannaRoyalty Corp. jumped 27 percent at the 4 p.m. close in Toronto on Tuesday, pushing the BI Canada Cannabis Competitive Peers Index up 16 percent to a record, extending a run that’s seen it almost triple since November. Canopy Growth Corp., the best-performing stock on Canada’s benchmark S&P/TSX Composite Index in 2017 with a 225 percent gain, added another 8.8 percent, pushing its market value to C$6.2 billion ($4.9 billion).