This week, Canadian weed companies sizzled from an investor’s standpoint. And none more so than Aurora Cannabis Inc.
The Edmonton-based company’s share price shot up a stunning 55.87 percent on Friday (November 6), closing at $12.75 in Toronto.
This more than doubled Aurora’s market cap to $1.55 billion. On the week, Aurora shares jumped a mind-boggling 134 percent.
It wasn’t the only Canadian pot company to rejoin the billion-dollar club.
Nanaimo-based Tilray’s stock rose by 23.15 percent on Friday and a stunning 66 percent on the week.
As a result, Tilray shares closed on Friday at US$9.53 on NASDAQ. Its market cap of US$1.22 billion translates to nearly $1.6 billion in Canadian currency.
Investors can thank Joe Biden and Kamala Harris, That’s because the president-elect and vice president-elect have promised federal decriminalization of marijuana, which will help weed companies.
In addition, voters approved ballot measures in New Jersey, Montana, South Dakota, and Arizona on November 3 to legalize recreational marijuana use.
The most valuable of Canada’s weed companies, Canopy Growth Corp., also enjoyed a big run-up in its stock price. Shares jumped 20.9 percent on the week to close at $30.59 in Toronto.
This lifted Canopy Growth’s market cap above $11.3 billion.
Cronos Group shareholders hit a home run
Investors in Cronos Group may have also been in the mood to party over the Biden-Harris victory. That’s because the Toronto licensed producer’s share price jumped 16.2 percent on Friday.
On the week, Cronos stock rose 38 percent to close at $9.82 in Toronto. Its market cap stands at $3.5 billion.
Another one of the big weed companies, Leamington-based Aphria Inc., didn’t fare quite so well. Its share price only rose 0.42 percent on Friday. But it was up 18.9 percent on the week, closing at $7.16 in Toronto on Friday.
As a result, Aphria is worth $2.07 billion.
Investors were also bullish on Ottawa-based Hexo Corp. Its stock rose by 21.05 percent on Friday to close at $1.15 in Toronto. On the week, Hexo shares increased by 42 percent, leaving it with a market cap of $555.96 million.
Shares in U.S. weed companies rise
It was also a positive week for weed companies with head offices south of the border.
Wakefield, Massachusetts–based Curaleaf Holdings shares rose by 11.1 percent on the week to close at $14.13 on the Canadian Securities Exchange.
Curaleaf’s market cap rose to $6.17 billion.
Chicago-based Green Thumb Industries shares increased by 20.4 percent over the last five days of trading. Its stock closed on Friday at $25.65 on the Canadian Securities Exchange.
Green Thumb’s market cap stands at $4.15 billion.
