It’s high times for soaring marijuana stocks on Wall Street
NEW YORK — Reefer Madness has gripped Wall Street.
Investors are craving marijuana stocks as Canada prepares to legalize pot next month, leading to giant gains for Canada-based companies listed on U.S. exchanges.
Billions of dollars have poured into the stocks in the last few months, and there’s a lot of excitement and a ton of green (money, not leaves) flying around as investors consider the kinds of opportunities these companies might have as the marijuana market in Canada grows, along with the possibility that the U.S. and other countries could one day follow suit.
The value of one company, British Columbia-based Tilray, has jumped tenfold since its initial public offering just two months ago, and is now worth considerably more than Macy’s or Hasbro.
Marley Jay, The Associated Press