Skip to main content
Complete Olympic Games coverage at your fingertips
Your inside track on the Olympic Games
Enjoy unlimited digital access
$1.99
per week for 24 weeks
Complete Olympic Games coverage at your fingertips
Your inside track onthe Olympics Games
$1.99
per week
for 24 weeks
// //

Medical marijuana is pictured at a Smith Falls facility on Jan. 21, 2016.

Dave Chan/The Globe and Mail

Canadian-list marijuana stocks jumped on Monday amid reports that Ottawa is rushing to announce legislation for the recreational use of the drug before April 20.

Shares of Canopy Growth Corp. (WEED-T), Canada's largest producer, and OrganiGram Holdings Inc. (OGI-X) were each up eight per cent in early trading. Shares of Emerald Health Therapeutics Inc. (EMH-X) were up six per cent and Aphria Inc. (APH-T) shares rose one per cent, to name a few of the companies listed in Toronto.

Related: Ottawa rushing to draft marijuana legalization bill ahead of 4/20: sources

Story continues below advertisement

"The governing Liberals used last year's 4/20 celebrations – festivals held annually across the country in which marijuana enthusiasts publicly light up – to announce that they would table their legislation this spring. The government is now hoping to table the long-awaited bill in less than a month, ahead of that same date this year," reported the Globe and Mail's Daniel Leblanc, citing sources.

The legislation was expected this spring, but analysts say a more specific timeline provides clarity and confidence for investors in the sector. There was concern a few weeks ago that the legislation might be delayed, which caused some pot stocks to sell off.

The CBC also reported that Ottawa plans to have legislation fully in place by July 1, 2018.

The value of Canada's pot stocks have soared amid investor optimism that recreational sales, which Canaccord Genunity Group Inc. said in November could reach $6-billion in sales annually by 2021, may start as early as 2018. Canopy Growth has seen its share price rise more than 300 percent in the past 12 months, while Aurora has climbed more than 400 per cent.

In December, the Task Force on Cannabis Legalization and Regulation issued a report that recommends the Canadian government regulate the production of marijuana while the provinces control distribution and retail sales.

With a file from Bloomberg News

Your Globe

Build your personal news feed

  1. Follow topics and authors relevant to your reading interests.
  2. Check your Following feed daily, and never miss an article. Access your Following feed from your account menu at the top right corner of every page.

Follow the author of this article:

View more suggestions in Following Read more about following topics and authors
Report an error Editorial code of conduct
Tickers mentioned in this story
Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

If you do not see your comment posted immediately, it is being reviewed by the moderation team and may appear shortly, generally within an hour.

We aim to have all comments reviewed in a timely manner.

Comments that violate our community guidelines will not be posted.

UPDATED: Read our community guidelines here

Discussion loading ...

To view this site properly, enable cookies in your browser. Read our privacy policy to learn more.
How to enable cookies