This morning, the cannabis industry has entered into the old guard New York Stock Exchange with the market debut of Canopy Growth Corp (CGC), the largest provider of medical marijuana in Canada.
Investors clambered to get a piece of the biggest pot stock in the world now that it’s more widely available to Americans. Over a million shares traded in the first hour after market open, as shares fell from an opening price of $30.85.
But price wasn’t the most important indicator of the day, experts said, as much as the mere fact of the debut.
“An event like this is massive,” said Jason Spatafora of MarijuanaStocks.com. “When a company like Canopy goes to the New York Stock Exchange, it shines a big spotlight on this industry that’s still so young. >>>