Canada is now home to its first publicly traded recreational marijuana company, despite the fact that pot for non-medical use is illegal in this country.
Toronto-based Nutritional High International Inc. began trading Monday on the alternative Canadian Securities Exchange.
The company closed its initial public offering earlier this month after raising $1.6 million, and its stock closed trading Monday at 8.5 cents per share. It was by far the most active stock on the exchange, with more than 9 million shares changing hands. That was half of the total number traded on the entire exchange.
Several Canadian medical marijuana companies are publicly traded but now, for the first time, investors are able to buy stock in a company that markets products to recreational drug users. It produces oils and extracts from bud, which are often then mixed into edibles like brownies or shakes, something that is illegal even for medical marijuana companies in Canada.
But the company is focused on the U.S. market, making edible marijuana creations in states where weed has been legalized for recreational use. It believes medically infused edibles and oils have the biggest profit margins in the pot industry.
– Read the entire article at Huffington Post.