Canadian Weed Stocks and MMJ Patients Go Higher on 'Leafs By Snoop'
The rapper's weed brand debuts in the Frozen North.
In February Snoop Dogg inked a partnership with Canadian cannabis producer Tweed Inc.––a weed-deal that sparked a months-long rise in the trading value of Tweed’s parent company, Canopy Growth Corp. Thursday, Tweed Inc. announced that it would begin selling the D-O-double G’s, “Leafs by Snoop” brand of cannabis in the Canadian medical marijuana market this month.
In a release from Tweed, Snoop commented on the collabo: “Like hip-hop, cannabis is as much a lifestyle as it is a culture. Leafs by Snoop is an expression of my experience with that culture over decades on the scene.”
Canopy shares saw a major boost as a result of the announcement, and a residual jump was reportedly felt among industry peers.
“The Smiths Falls, Ontario-based company soared as much as 17 percent and was up 9.2 percent to C$5.44 at 11:12 a.m. in Toronto trading. The shares have climbed 84 percent this year, heading for a third straight annual gain. . . Smaller marijuana producers also rallied on the news, with Vancouver-based Aurora Cannabis Inc. up 22 percent to a record. The stock has jumped 58 percent during a four-day rally. Leamington, Ontario’s Aphria Inc. is also trading at a high.”
The Snoop-Canopy deal represents the trend of cannabis companies seeking out ways to implement national and international brand expansions. Licensing and franchising of weed businesses becomes easier, though not without growing pains, as legislation to normalize advances.