Photographer: Stefan Wermuth/Bloomberg

Australian Cannabis Stocks Double in Value After Export Approval

Australian cannabis stocks more than doubled Thursday, almost matching gains made during the whole of last year after the government said it would allow medicinal cannabis to be exported. A Bloomberg index of local pot stocks based off a gauge from Red Leaf Securities rose about 125 percent in early trading, just shy of the 132 percent gain last year. “It’s further vindication that the sector is becoming valid. It’s not just a bunch of hippies anymore,” said John Athanasiou, chief executive officer at Red Leaf Securities. But “we’ve just got to be cautious about which ones to pick.”

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