Marijuana Producer Tweed Stock Rises In Toronto

Tweed rose to C$2.59 at the 4:00 p.m. close in Toronto today, up 191 percent from the issue price of 89 cents based on a private placement on March 7. The shares sank from an opening price of C$5.10 at the start of public trading and were the third-most traded in Canada with 10.95 million shares changing hands.

Tweed, based in a former chocolate factory in Smiths Falls, Ontario, said yesterday it purchased more than 60 new strains of medical marijuana seeds and plants from licensed growers. It didn’t disclose how much the purchases cost.

“Being public helps, because it does give us another threshold of transparency or credibility,” Tweed Chairman Bruce Linton said by phone today. “It should assist us in capital access.”

Tweed, with a market value of C$90.8 million ($82.7 million), won a government license to grow and sell marijuana to patients who have a doctor’s prescription. The system was supposed to replace home-grown medical pot on April 1 before a recent court challenge by individual growers. Health Canada has estimated the market could be worth C$1.3 billion in 10 years.

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