As Tweed Inc. Debuts, Medical Pot Stocks Getting Active On TSX Venture

Tweed Marijuana Inc. became Canada’s first licensed provider of medical marijuana to go public and investors seem eager to jump on the hype surrounding the green rush.

The stock raced out of the gate at the opening bell to $4.60 per share with more than two million traded in the first 15 minutes, before settling to close at $2.59 apiece.

That gives the formerly private company a market cap of $90 million.

It was by far the most actively traded stock Friday on the TSX Venture, with nearly 10 million shares changing hands.

The opening asking price was much higher than the 85 cents Tweed chairman Bruce Linton had expected, based on the closing price of the shell company it took over and the number of shares outstanding. Stocks are often driven higher before they actually go on the exchange by large-scale investors who set automated orders to buy the second the market opens.

Linton believes the 44 per cent drop from the opening price to close has more to do with the early, rather than waning, enthusiasm. He pointed out that the first trade was nearly six times higher than the last closing price.

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