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Tweed's VP and general counsel, Mark Zekulin, inside the grow room, home to the company's mother plants.
Tweed's VP and general counsel, Mark Zekulin, inside the grow room, home to the company's mother plants.
(Eugen Sakhnenko for the Globe and Mail)

Marijuana supplier Tweed a big win for early backers

Tweed Marijuana Inc. is setting up as a win for its early backers, with shares of the company opening their first day of trading far higher than expected.

Shares of Tweed began trading at $4.60 on the TSX Venture exchange, before falling back to the $2.60 range. Either way, that’s a big jump.

Tweed executive chairman Bruce Linton told the Huffington Post that he thought the shares would open around 85 cents a piece. The last private financing round was done at just a month ago at the equivalent of 89 cents a share. GMP Securities, which is Tweed's main advisor, arranged that round as well as earlier ones.