Is Canada’s Marijuana The New Bitcoin? Stocks Surge After Legalization


s Canada gets ready to implement legal recreational marijuana later this year, the U.S. neighbor’s cannabis stocks have surged and some experts suggest marijuana could be the next Bitcoin.

“I believe the incredible tailwinds blowing at legal marijuana’s back make it so the opportunity here is much like the one internet stocks offered in 1994 … or the one bitcoin offered in 2015,” Matt McCall, founder and president of Penn Financial Group wrote for Investor Place.

Cannabis stocks were also among Canada’s best performing last year. Canopy Growth and Aurora Cannabis are the top publicly traded marijuana companies, and those who invested in them a year ago have “easily reaped Bitcoin-like returns,” Canada’s Global News reported.

After Canada’s parliament voted to legalize recreational weed on June 19, marijuana stocks in the country immediately surged. Canopy, the nation’s largest producer, increased by 6 percent to a record high of $34.17. Arora increased by 3.8 percent and Cronos Group Inc., another marijuana company, surged 6.2 percent, Bloomberg reported.

By: Jason Lemon, Newsweek