Canopy Growth Corp. jumped to a record high, and other Canadian cannabis growers gained, after unveiling a line of marijuana products for the domestic market in a partnership with rapper Snoop Dogg.
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.
Tweed Inc., a subsidiary of Canopy, will begin selling three varieties of cannabis under the “Leafs by Snoop” brand in Canada in October, the company said in a statement. The two first announced they would work together in February, and have been developing product lines since. Snoop Dogg also markets marijuana products in Colorado under the same label. [Read more at Bloomberg]