Canopy Growth (CGC - Get Report) shares were rising 4.9% in trading Friday to $42.04 after the Canadian cannabis company announced it was joining the S&P/TSX 60 Index, a first for the cannabis industry.
The S&P/TSX 60 is market index of 60 large Canadian companies trading on the Toronto Stock Exchange. Canopy Growth is the first cannabis company to list on the exchange, further legitimizing an industry that in some ways is still struggling to garner respect.
"Being added to the S&P/TSX 60 Index marks another major accomplishment for our company, team, and shareholders," said Bruce Linton, founder, chairman and CEO. "First traded on the TSX Venture Exchange on April 4, 2014 , I cannot think of a better way to celebrate our 5th year anniversary as a publicly traded company, than being added to the TSX's large-cap index."
The addition of Canopy Growth will become effective prior to the commencement of trading on April 18.
A company joining the large-cap index must meet certain market cap, liquidity and domicile requirements.