Canada’s Marijuana Stocks on Fire as Dispensaries Raids Continue

Article by James West, Financial Post


The tell is in the tape, as they say. On Tuesday, the TSX Venture’s highest volume traders by dollar amount were all Marijuana for Medical Purposes Regulations (MMPR)-licensed producers.

Aurora Cannabis Inc., (CVE:ACB), Aphria Inc. (CVE:APH), OrganiGram Holdings Inc. (CVE:OGI), and Maple Leaf Green World Inc. (CVE:MGW) were ranked one through four as of market close. On the TSX main board, it was Canopy Growth Corp (TSE:CGC) delivering one of the best performances of the session, rising by 4.73 per cent to $5.53 on volume of 3.3 million shares worth $18.4 million.

A total of 14 million shares worth $48 million traded hands which is highly unusual when there is no sector-specific news to drive that kind of interest.

According to John Fowler, CEO of Supreme Pharmaceuticals Inc. (CNSX:SL), whose share price has tripled in the last three months, investors are positioning ahead of anticipated federal government rules permitting the consumption of marijuana for recreational purposes as early as the spring of 2017.

 “I think what we’re seeing here is investors just following the legalization story that’s happening here in Canada, as well as giving recognition to the maturation of the industry as we start to see companies make significant progress on their business plans,” said Fowler.

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