Canadian cannabis company shares shoot up today, unlike two large U.S. counterparts

Investors in Canopy Growth, Cronos Group, Aurora Cannabis, Tilray, and Aphria can smoke a doobie to celebrate.

cannabis company stock shares

Investors are enjoying riding the wave of licensed producers like Canopy Growth Corp. and Aurora Cannabis . Photo by Gilly/Unsplash

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Canada’s most valuable cannabis company is now worth nearly $14 billion. That’s because Canopy Growth Corp. shares spiked by 7.36 percent today on the Toronto Stock Exchange. They closed at $37.50—up 48 percent since the last closing price before the U.S. election on November 3.

That was when New Jersey, Arizona, South Dakota, and Montana voters approved ballot measures to legalize cannabis for adults over 21.

On that same day, South Dakota and Mississippi voters endorsed the establishment of medical-marijuana programs.

The election of Joe Biden and Kamala Harris will likely have ramifications on the the weed sector. That’s because they’ve pledged to decriminalize marijuana at the federal level.

It’s worth noting that investors in other licensed producers have also benefited from the buoyant market since U.S. election day.

Today, Cronos Group shares rose 7.01 percent to close at $10.84 on the Toronto Stock Exchange. This boosted its value to $3.86 billion.

Shares in the Toronto-based cannabis company have risen 46 percent since their close on the last trading day before the U.S. election.

However, today’s share-price increases with Canopy Growth and Cronos Group were dwarfed by the 17.94 percent rise in the value of Aurora Cannabis stock.

It closed at $13.74 on the Toronto Stock Exchange, lifting the Edmonton company’s market capitalization to $2.52 billion.

Aurora Cannabis shares have jumped an astonishing 120 percent since the day before the U.S. election.

Another big winner was Tilray Inc., which is based in Nanaimo. Its share price climbed 13.79 percent on NASDAQ, closing at US$8.50. Tilray’s market cap stands at US$1.13 billion.

On the afternoon before the U.S. election, Tilray shares closed at US$6.66. They’ve gone up 28 percent since then.

Another billion-dollar Canadian cannabis company, Aphria Inc., also rode the wave of investor confidence. The Leamington-based licensed producer’s shares rose 7.76 percent today to close at $10.14.

Aphria’s market cap stands at $2.72 billion. Since the day before the U.S. election, its shares are up 52.5 percent.

Canadian cannabis company stocks outperform Curaleaf and Green Thumb

Meanwhile, two high-profile U.S. weed stocks didn’t fare quite as well today as their Canadian counterparts.

Shares in the largest cannabis company by revenue, Curaleaf Holdings, declined by 0.07 percent to close at $13.93 on the Canadian Securities Exchange.

The Wakefield, Massachusetts–based corporation is worth $7.89 billion. Its share price has only risen 5.3 percent since election day in the United States.

Chicago-based Green Thumb Industries is another big player. Its shares increased by two percent today to close at $27.50 on the Canadian Securities Exchange. That leaves its market cap at $4.89 billion.

Green Thumb shares are up 24.5 percent since the last trading day before the U.S. election.

A third U.S.-based weed company, Charlotte’s Web Holdings, rose 1.66 percent to close at $6.72 on the Toronto Stock Exchange.

The Colorado cannabis producer’s share price is up a whopping 64 percent since the end of the trading day on November 2. Its market cap stands at $934.66 million.

Charlie Smith

I'm the editor of the Georgia Straight newspaper in Vancouver, as well as a CannCentral contributor.

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