Canopy Growth Corp., the federally licensed Canadian cultivator that made history earlier this year when it listed on the Toronto Stock Exchange, distinguished itself again Monday when its stock closed at 11.16 Canadian dollars, making it the first cannabis company to be valued at more than $1 billion ($743,060,740).
Canopy is now valued at almost CA$1.3 billion, according to CBC News. The Smith Falls, Ontario, company reported a profit of CA$5.4 million for the quarter that ended Sept. 30 stemming from almost CA$8.5 million in revenue.
Canopy has nearly quadrupled its patient count from 6,200 patients one year ago to 24,400 registered patients at the end of September.
The company had CA$27.6 million in inventory during the second quarter, which means second-quarter sales totaled about one-third of its total inventory, according to the Financial Post.
Canopy’s sales increased 270% for the first half of fiscal 2016 compared to the first six months of the year. But Canopy’s operational income dropped about 60% in the same period because it is spending more money to try to meet future anticipated demand.
“Canopy has the ability to raise a lot of money, so they’re playing the long game,” said Khurram Malik, a cannabis analyst with Jacob Securities. “They’re spending money to expand, they’re getting ready for what happens in the world in the next five or 10 years.”