Marijuana Producer Canopy Growth Corp. Being Added To S&P/TSX Composite Index

TORONTO — Canopy Growth Corporation (TSX:WEED) is being added to the influential S&P/TSX Composite Index in another milestone for Canada’s fledgling marijuana industry. 

The cannabis producer will be added to the index’s health−care sector prior to the start of trading on March 20, S&P Dow Jones Indices said late on Friday. It said it will be the first marijuana company to join the index.

Big institutional investors and index funds use the index to guide buying decisions, so being included can lead to more demand for a stock. Canopy shares were up 2.2 per cent at $11.07 late on Monday.

"Canopy’s inclusion upon the next rebalancing expected this Friday March 17, 2017 will likely drive more investors to the name, and the sector as whole," Daniel Pearlstein, an analyst at Eight Capital who covers the marijuana industry, said in an email.

In order to be eligible for inclusion in the index, companies have to meet specific requirements with regards to market capitalization and liquidity.

They must also be traded on the Toronto Stock Exchange for at least six full calendar months.

Canopy has been trading on the Toronto Stock Exchange since July, 2016. Prior to that, the medical marijuana producer traded on the TSX Venture Exchange for roughly two years.

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This Massachusetts Democrat - and 2020 presidential candidate - has a strong history of supporting veterans' access to medical marijuana. Over the years, Congressman Seth Moulton has acted as the primary sponsor on three cannabis-related bills—all of them focusing on improving veteran access to medical marijuana. As an Iraq War vet himself, Moulton has taken a strong stance in supporting the health and well-being of other veterans who continue to be barred from accessing medical marijuana - even in states where it's legal - because federal prohibition prevents Veterans Affairs from letting vets use medical cannabis.

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