Canopy Growth Corp. (CGC) on Thursday became the first legal-cannabis firm to trade on the New York Stock Exchange, but dipped more than 6% to close at $28.68. The stock had closed Wednesday at $30.21 on the OTC pink sheets, then opened Thursday at $30.85 on the Big Board before tanking.
Canopy CEO Bruce Linton told TheStreet he was "a little bit" disappointed by the pullback, but added that "there has been retail selling and institutional buying -- I like that. [And] we didn't go there for one day of trading."
Cormark Securities analyst Jesse Pytlak told TheStreet that snagging an NYSE listing "represents a major milestone for the company and the cannabis industry as a whole. It validates cannabis as an investable sector and as a legitimate and potentially sizable consumer vertical, and demonstrates the shift in attitudes towards the acceptance of cannabis."
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