Canopy Growth became the very first legal cannabis firm to trade on the NYSE this Thursday but didn’t really create the buzz many anticipated it would.
The stock fell about 5% by early afternoon trading to $28.68. It had closed on Wednesday at $30.21 on the OTC pink sheets and opened at $30.85 on the NYSE on Thursday morning before it dipped.
The company’s chairman and CEO, Bruce Linton, said in a statement ahead of the opening, “We’re a company focused on leadership, vision and integrity, and listing on one of the most prestigious exchanges in the world validates the level of execution and ambition our team has demonstrated.”
According to analyst Jesse Pytlak of Cormark Securities, who spoke to TheStreet, Canopy getting an NYSE listing “represents a major milestone for the company and the cannabis industry as a whole. It validates cannabis as an investable sector and as a legitimate and potentially sizable consumer vertical, and demonstrates the shift in attitudes towards the acceptance of cannabis.”
Canopy has traded on the Toronto Stock Exchange under the ticker symbol “WEED” since 2014.