In case you haven’t noticed… cannabis is big business! In fact, many cannabis businesses are actively trading on stock markets globally. With the passing of the 2018 Farm Bill in the United States CBD derived from hemp containing less than .03% THC is now officially legal on the federal level.
This has taken many companies that were operating in a grey area into the green. Additionally, nationwide adult legalization also took place last fall in Canada. With this, there has been a significant influx in the number of cannabis businesses trading on public markets.
Canadian Securities Exchange Does Something They’ve Never Done Before Thanks to Cannabis
It is also causing a lot of movement within the industry. In fact, because of this the Canadian Securities Exchange recently did something it’s never done before. The Canadian Securities Exchange recently held their first-ever random lottery. This lottery was to see who would be able to take possession of a specific stock ticker.
It appears that many companies in the cannabis space were hoping to lay claim to a specific ticker. A ticker some would classify as “an equivalent to having one of the rarest novelty license plates.” The ticker was none other than POT. After the CSE held the first lottery, the ticker now belongs to a Canadian cannabis company by the name of, Weekend Unlimited. This company previously traded on the CSE under the stock ticker YOLO…yes, you read that right.
A Statement From the Winning Company’s CEO
According to Weekend Unlimited’s CEO Paul Chu, “Weekend Unlimited is thrilled to add the iconic pot trading symbol to [its] identity” and also stated that “it is a tremendous fit with [their] brand identity.” So who is the company behind this iconic stock symbol? Weekend Unlimited describes themselves as a company that “aggregates and scales small to medium brands, primarily in the categories of flower, extracts, and edibles.”
This moment is iconic for many reasons. A company that once traded as YOLO won a once in a lifetime lottery. A lottery for the most epic stock ticker a cannabis company could possess. As a result, they also helped make cannabis history!