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TORONTO – Cannabis stock trading has been a part of life for years in Canada's largest trade, but Wednesday's official launch of recreational cannabis sales in the country was still a reason for celebration.
The day Canada became the second country to officially legalize the use of marijuana for recreational purposes for adult purposes, a group of leaders of pot companies was reunited to blow the whistle of the opening of the Toronto Stock Exchange building. Representatives of the Cronos Group Inc.
CRON, -7.73%
CRON, -7.43%
, The Horizon Cannabis ETF
HMMJ, -2.05%
and Green Organic Dutchman Holdings Ltd.
TGODF, + 6.62%
tgod, + 6.73%
attended the meeting, among others.
A guide to jar stocks: What you need to know to invest in cannabis companies
The Wednesday meeting was not just a celebration, but also an act of validation for an industry that, in relatively recent times, was led by outlaws, smugglers, and drug traffickers, but is turning into another sector. With one exception, the bells hall was full of executives dressed in costumes, assistants and portfolio managers of exchange-traded funds that turned a black market business into a multi-billion dollar industry.
"It's historic what we've done here, and we're proud to be at the center of it all to facilitate the growth of cannabis companies in Canada," Loui Anastasopoulos, president of the training, said Wednesday. of capital at TMX, Morning; TMX operates on the Toronto Stock Exchange.
Anastasopoulos stated that the first cannabis-producing company was listed in 2014. At the end of September, there were at least 43 cannabis shares listed on both TMX exchanges, with a combined market value of 46, C $ 79 billion, or about $ 36 billion. Five years ago, the sector's combined market capitalization in Canada was zero.
Not to be missed: Cannabis companies do not expect a dazzling start to legal pot sales in Canada
"For the first nine months of this year, we have already exceeded the $ 2 billion of equity capital raised," said Anastasopoulos.
After a brief slice of orange juice and soda, the leaders gathered applauded enthusiastically at the opening of the countdown. Weed's shares were not good at Wednesday's trading session, but the red ink was not enough to ease the mood of those gathered after a tremendous rise before legalization.
The six major pot producers mentioned by MarketWatch before legalization were generally trading lower on Wednesday, with Aphria Inc.
APH + 4.82%
the outlier with a gain of about 4%. Aurora Cannabis
ACBFF, -2.70%
CBA -2.00%
was less than 1%, Tilray Inc.
TLRY, -7.05%
and Cronos lost more than 6%, Canopy Growth Corp.
GSC -4.73%
CANNABIS, -4.08%
fell about 4% and GW Pharmaceuticals PLC
GWPH, -0.50%
plunged less than 1% in exchanges late afternoon.
The bell and the beginning of the legalization of leisure are also proof of the success of Canadian regulations on investor protection and the guarantee that publicly traded companies disclose the information necessary to make informed decisions, said Michael Kousaie, vice -president of the strategy for the sector. Toronto Stock Exchange and TSX Venture Exchange.
"When you're building a business from scratch, dealing with entirely new issues, changing federal regulations, dealing with different regulations in different countries, investors are turning to these key regulators to establish framework, "Kousaie said. "The fact that the TSX, TSX Venture Exchange and securities commissions have gained credibility is an important support factor for the growth and success of the company."
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