VFF - 6 Cannabis Stocks Represented on Inaugural TSX30 List
A collection of marijuana companies have been confirmed as some of the top-performing stocks on the Toronto Stock Exchange (TSX).
On Thursday (September 26), the senior Canadian exchange issued its first TSX30 list, presenting to investors the 30 highest-performing stocks over a three year time period. Five companies with exposure to the marijuana market were included.
Canopy Growth (NYSE:CGC,TSX:WEED) ended up at the top of the list, edging out Shopify (NYSE:SHOP,TSX:SHOP) for the leading position on the TSX30 list.
The rest of the cannabis players that made the TSX30 list are Village Farms International (NASDAQ:VFF,TSX:VFF) in the third spot, Aphria (NYSE:APHA,TSX:APHA) in the sixth spot and Neptune Wellness Solutions (NASDAQ:NEPT,TSX:NEPT) in the eighth spot.
Loui Anastasopoulos, president of capital formation and TSX trust with the TMX Group (TSX:X), said this new program recognizes “compelling success stories” in the Canadian markets, such as the “newly defined” cannabis space.
A representative for each company added to the TSX30 list will join members of the TMX executive team to open the market on Friday (September 27).
Canadian producers Canopy Growth and Aphria sell cannabis products in Canada and hold international expansion plans in the larger marijuana market. Neptune offers cannabis extraction services to producers of the drug. This process leads to the production of edibles and other novelty items.
While operating as an e-commerce technology company, Shopify offers a platform for the sale of marijuana products from established distributors.
Village Farms expects to see a bump to its financial results based on the progress of its half-owned cannabis producer joint venture, Pure Sunfarms. The venture is co-owned with Emerald Health Therapeutics (TSXV:EMH,OTCQX:EMHTF).
In a statement, Michael DeGiglio, founder and CEO of Village Farms, said that, while the award celebrates past performance, the company is working towards its path into the US the cannabis market.
“We expect to generate our first hemp biomass sales later this year, and then rapidly transition into higher margin (cannabidiol) CBD crude oil and then our own CBD products,” DeGiglio said of the company’s impending US market entry.
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Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.