Everyone at Canopy Growth Corp. is sharing in the wealth of investor interest in the burgeoning marijuana sector – at least, on paper.
Mark Zekulin, president and co-chief executive of the Canadian cannabis producer, said Thursday Canopy has “dozens and dozens, if not more” paper millionaires as its stock price has surged ahead of the legalization of recreational marijuana on Oct. 17.
“We’re really proud. Every single employee in our company has stock options,” Zeuklin said in an interview with BNN Bloomberg. “Everybody – from the cleaner to executives – shares in that growth and that wealth.”
Smith Falls, Ont.-based Canopy is the country’s largest cannabis company by market value, worth nearly $7.5 billion. The stock price has quadrupled in the last 12 months.
Canopy started trading on public markets in May 2014 under its former company name, Tweed Inc., at $3.20 per share. The shares were trading at $34.57 on the Toronto Stock Exchange Thursday at noon ET.
Still, Canopy employees aren’t flaunting their “paper money,” according to Zekulin.
“I’m driving a Volkswagen. There’s a bit of an unofficial rule. We try not to have fancy cars in the parking lot – it sends the wrong message,” he said.
Courtesy of April Fong, BNN Bloomberg