After shareholders of Canadian cannabis company Canopy Growth Corp. voted in favor of a new exchangeable share structure, David Klein, chief executive officer of Canopy Growth, says doors are opening for what he calls a $50-billion sector.
"Our share prices are up 65 percent or so in the last three months, so, for me, we're looking at this over the long term," he told BNN Bloomberg in an interview. "I think the market is already recognizing the progress we've made."
The new structure will enable Canopy's larger entry into the American cannabis market under the U.S.-domiciled holding company Canopy USA, a move that required regulatory adjustments in a cannabis system that previously prevented Canadian companies listed in the U.S. from operating on American soil.
"The U.S. market is the biggest market in the world as it relates to cannabis, and it also has the best profit goals, so it was really important for us to have a business in the U.S.," Klein told BNN Bloomberg, pointing to several investments Canopy has made in U.S. companies, including Wana Brands, Jetty Extracts and Acreage Holdings.
Read more at bnnbloomberg.ca