With the changes in the law over the past several years regarding marijuana – both medical and recreational – many companies have sprung up within this field and adjacent fields. Naturally, this stirred the interest of investors, especially as they started to see these companies grow and succeed. The majority of them are not on the New York Stock Exchange today.
The companies that are on the NYSE tend to be those marijuana stocks that are part of pharmaceutical companies, research companies, and even the blockchain field, such as India Globalization Capital. However, most are not involved directly with the production of marijuana.
That has all changed with Canopy Growth Corp. (CGC), which made the leap to the New York Stock Exchange, in late May 2018. This makes it the first company that is truly a producer of marijuana to be on the NYSE. It is only the second to have been on one of the major stock exchanges in the US, with the other being Cronos Group, which trades on NASDAQ.
The company is often touted as being the top example of a mainstream stock for pot given the manner in which they’ve conducted business, the massive investment of $245 million from Constellation Brands, and the surge in value that the company has had over the last several months.
What Does It Mean for Investors?
This is good news for investors for many reasons. Now that Canopy Growth Corp is on the NYSE, it means that more investors are going to be willing to invest in the company, who were not comfortable investing in the penny pot stock market. The success of the company can also spur more success and more investments in other marijuana companies in the near future. It is an exciting time to be an investor in this field.