It's high times for soaring marijuana stocks on Wall Street

Published 09-20-2018

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NEW YORK (AP) - Reefer Madness has gripped Wall Street.

Investors are craving marijuana stocks as Canada prepares to legalize pot next month, leading to giant gains for Canada-based companies listed on U.S. exchanges.

Billions of dollars have poured into the stocks in the last few months, and there's a lot of excitement and a ton of green (money, not leaves) flying around as investors consider the kinds of opportunities these companies might have as the marijuana market in Canada grows, along with the possibility that the U.S. and other countries could one day follow suit.

The value of one company, British Columbia-based Tilray, has jumped tenfold since its initial public offering just two months ago, and is now worth considerably more than Macy's or Hasbro.

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FILE- In this July 19, 2018, file photo Brendan Kennedy, third from right in front, CEO and founder of British Columbia-based Tilray Inc., a major Canadian marijuana grower, leads cheers as confetti falls to celebrate his company's IPO (TLRY) at Nasdaq in New York. Investors are craving marijuana stocks as Canada prepares to legalize pot next month, leading to giant gains for Canada-based companies listed on U.S. exchanges. (AP Photo/Bebeto Matthews, File) - The Associated Press


FILE - In this Feb. 17, 2016 file photo, marijuana plants grow at a home in Honolulu. The Hawaii Department of Health has signaled a green light for a medical marijuana dispensary to start growing on the Big Island. Investors are craving marijuana stocks as Canada prepares to legalize pot next month, leading to giant gains for Canada-based companies listed on U.S. exchanges. (AP Photo/Marina Riker, File) - The Associated Press


FILE- In this May 31, 2018, file photo the logo for Canada's Canopy Growth Corp. appears on a screen above a trading post on the floor of the New York Stock Exchange. Investors are craving marijuana stocks as Canada prepares to legalize pot next month, leading to giant gains for Canada-based companies listed on U.S. exchanges. (AP Photo/Richard Drew, File) - The Associated Press


FILE- In this July 19, 2018, file photo Brendan Kennedy, CEO and founder of British Columbia-based Tilray Inc., a major Canadian marijuana grower, poses outside the Nasdaq in New York. Investors are craving marijuana stocks as Canada prepares to legalize pot next month, leading to giant gains for Canada-based companies listed on U.S. exchanges. (AP Photo/Bebeto Matthews, File) - The Associated Press


FILE - This May 23, 2017 file photo shows GW Pharmaceuticals' Epidiolex, a medicine made from the marijuana plant but without THC. Investors are craving marijuana stocks as Canada prepares to legalize pot next month, leading to giant gains for Canada-based companies listed on U.S. exchanges. (AP Photo/Kathy Young, File) - The Associated Press