FROM GLOBE AND MAIL:
Canopy Growth Corp. is getting bigger and bigger by the day – and in doing so, it’s become more valuable than some iconic Canadian companies.
Since U.S. alcohol giant Constellation Brands Inc. invested $5-billion last week for a larger stake in Canopy, the cannabis producer’s market value has surged 64 per cent to $11.5-billion, as of Wednesday’s close. It now ranks 54th in valuation on Canada’s benchmark stock index, the S&P/TSX Composite, out of 246 companies. When Canopy was added to the index in March, 2017, it ranked 187th out of 251 companies, with a market capitalization of $1.6-billion.
Over a short span, Canopy has vaulted past some big names. On Monday, it surpassed Bausch Health Cos. Inc. (formerly Valeant Pharmaceuticals) to become the largest company on the S&P/TSX Health Care Index. On Tuesday, it leapt past retailer Canadian Tire Corp. Ltd. On Wednesday, it rose above Bombardier Inc.
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