Canopy becomes first pot stock to join S&P/TSX 60 index

BUSINESS

Canopy becomes first pot stock to join S&P/TSX 60 index

The Canadian Press Published Friday, April 12, 2019 10:33AM EDT

Workers produce medical marijuana at Canopy Growth Corporation's Tweed facility in Smiths Falls, Ont., on Monday, Feb. 12, 2018. (THE CANADIAN PRESS/Sean Kilpatrick)

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TORONTO - Canopy Growth Corp. will soon join the S&P/TSX 60, making it the first cannabis company to be added to the index of Canada's large-cap stocks.

S&P Dow Jones Indices says Canopy's stock will replace Goldcorp Inc. and the change will take effect before trading on April 18.

Goldcorp is set to be delisted once its merger with Newmont Mining Corp. is complete, and the combined company will apply for a listing on the Toronto Stock Exchange.

Canopy's co-CEO Bruce Linton says its addition to the S&P/TSX 60 index marks "another major accomplishment" for the cannabis company, based in Smiths Falls, Ont.

Canopy Growth was first went public on the TSX Venture exchange in 2014, and graduated to the main TSX board in 2016.

The company changed its stock symbol on the TSX to WEED in February 2017, and was added to the S&P/TSX composite index later that year.