The world’s biggest marijuana stock soars to an all-time high

A woman smokes a marijuana joint during the “Marijuana March”on Ipanema beach, in Rio de Janeiro, Brazil, Saturday, May 7, 2016. About 1,000 people gathered for the demonstration demanding the legalization of the production and sale of marijuana.Silvia Izquierdo/AP

Canopy Growth Corporation, the world’s largest publicly traded marijuana company, surged more than 11% on Monday to hit a record high of $37.53 a share.

The fresh high comes after Constellation Brands, the company behind Corona beer and Svedka vodka, said it would up its stake in the Canadian cannabis company by $4 billion. Constellation is Canopy’s biggest investor. 

Canopy Growth has been grinding higher ever since it began trading on the New York Stock Exchange in May, though its price is quite sensitive to regulatory issues. Shares took a hit last week when the Canadian province of Ontario said it would delay the launch of retail marijuana stores.

In its most recent earnings report, which coincided with the announcement of Constellation’s investment, Canopy said it lost $0.11 per share on revenue of $25.9 million — both of which were worse than Wall Street had expected.

Shares of Canopy Growth gained 33% since their May initial public offering. 

Business Insider interviewed Canopy’s CEO, Bruce Linton, last month about his plans to operate anywhere the drug is legal, and about the new THC-infused products you can expect to see in the future.

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