Several Canadian marijuana stocks spiked dramatically Wednesday morning, causing trades to be halted briefly after a circuit breaker tripped.
Companies including Aphria Inc., Supreme Pharmaceuticals Inc., Aurora Cannabis Inc., and Canopy Growth Corp., spiked by as much as 44 per cent on the Toronto Stock Exchange Wednesday amid the growing potential of legalization in Canada. Circuit breakers can trip when a single stock climbs by 10 per cent or more in a five-minute span.
The Investment Industry Regulatory Organization of Canada (IIROC) released statements regarding the halted trades on six Canadian stocks.
“IIROC can make a decision to impose a temporary suspension (halt) of trading in a security of a publicly-listed company,” the regulatory body said in a release. “Trading halts are implemented to ensure a fair and orderly market. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.”
Canopy Growth Corp. was valued at nearly $1.3 billion Tuesday after sharp gains on the market Monday. Look at Canada, taking its place at the forefront of Big Weed.