Canadian Pot Stocks Start 2018 with a Bang Amid California Legalization

THC BioMed surged 70% intraday and CannaRoyalty jumped 27%, pushing the BI Canada Cannabis Competitive Peers Index up 13% to a record.

Long line ups to buy marijuana in California and a new ETF sent Canadian pot stocks roaring into the new year.

THC BioMed International Ltd. surged 70 per cent intraday and CannaRoyalty Corp. jumped 27 per cent at 2:38 p.m. in Toronto on Tuesday, pushing the BI Canada Cannabis Competitive Peers Index up 13 per cent to a record, extending a run that’s seen it almost triple since November.

While few Canadian companies have direct exposure to the U.S. pot market — and may run afoul of the country’s main stock exchange operator if they do so — brisk buying stateside might be a sign of things to come when Canada legalizes the drug by July, Beacon Securities Ltd. analyst Vahan Ajamian said.

– Read the entire article at Financial Post.