Pot shares fall after efforts to legalize recreational cannabis in U.S. fall short

Shares in Canada’s major cannabis companies fell in early trading after the U.S. election, which saw efforts to legalize recreational cannabis in several states fail.

Shares of Canopy Growth Corp. were down US$1.61 or about 21 per cent at $6.16 in early trading on the Toronto Stock Exchange, while shares of Organigram Holdings Inc. fell 28 cents or about 11 per cent to $2.28.

Aurora Cannabis Inc. shares were down $1.52 or about 18 per cent at $6.94.

A Florida amendment fell short of the 60 per cent supermajority needed to approve constitutional amendments.

It would have allowed recreational sales of marijuana to people over 21 from existing medical marijuana dispensaries, with the potential for the legislature to license additional retailers.

Measures to legalize recreational marijuana were also trailing in North Dakota and South Dakota.

— With files from The Associated Press

This report by The Canadian Press was first published Nov. 6, 2024.