At a market cap hovering around $6 billion, Canopy Growth Corporation, or CGC, has exceeded any other marijuana stock across the globe with a huge lead of $1.5 billion.
Canopy Growth Corporation has only been a part of Toronto Stock Exchange, or TSX, up until this point, registered under the tag of “WEED” at the TSX. Recently, GCG started trading at the New York Stock Exchange. Officially part of Wall Street, this shapes a brighter and stronger path for them. Able to trade on the New York Stock Exchange, Canopy Growth can only grow bigger as a cannabis corporation only aiming upwards.
Bruce Linton, the CEO of Canopy Growth Corporation, spoke about how the move to the New York Stock Exchange was a strong one for the corporation, saying that being listed on the stock exchange “will represent a continuation of our upward trajectory as we build the global cannabis industry,” as Fool.com reports.
As the largest on the face of the planet, the New York Stock Exchange opens up many more gates for CGC. With more exposure, many new investors may be attracted towards the cannabis giant, and may also help greatly in the legalities behind marijuana, aiding in legalizing the entire cannabis industry.
Legal Marijuana will be a part of Canada soon as it’s Senate is prepared to vote on full legalization in June with a huge possibility of the bill being passed with votes in favor of further pursuing recreational uses of marijuana exceedingly surpassing votes against it last March by the Senate. Canada’s Parliamentary Budget Officer estimates that the sales of recreational marijuana would range roughly anywhere from 4 to 6 billion Canadian Dollars within the first year of its legalization and roughly around 4 billion American Dollars. On another note, it is highly possible that Canada’s own market could climb to roughly 10 billion Canadian Dollars in no time.