Globe says TD approves narrow selection of pot stocks
2018-04-13 07:47 ET - In the News
See In the News (C-TD) Toronto-Dominion Bank
The Globe and Mail reports in its Friday edition that TD Bank is plugging a pair of cannabis juniors. In a Globe special, Brenda Bouw writes that TD gave clearance for its investment advisers to recommend TSX Venture Exchange-listed Emblem and Emerald Health Therapeutics, in part because they are not involved in the legally murky U.S. cannabis market. Advisers at TD Wealth Private Investment Advice also received approval to recommend a third stock, Canopy Growth, the largest publicly traded producer. At the same time, the bank has instructed advisers not to recommend dozens of marijuana stocks and the four Canadian-listed cannabis ETFs by adding them to its list of non-approved securities. Cannabis stocks have plunged in recent weeks, following a runup in December and January. Shares of Toronto-based Emblem -- which has a production facility in Paris, Ont., and recently signed supplier agreements with Shoppers Drug Mart and retail brand Fire & Flower -- have slumped by about 60 per cent from its high of $3.35 on April 11, 2017. Victoria-based Emerald, which has a retail collaboration with Namaste Technologies, hit a high of $9.68 on Jan. 23 and has since fallen by about 58 per cent to around $4.10.
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