Canadian cannabis companies are whipping around after report says workers may face lifetime travel ban to US

Canadian cannabis companies are whipping around Friday morning, tumbling as much as 15% before paring their losses, following a report suggesting workers may face a lifetime ban on travel to the US.

Politico report published after markets closed on Thursday, citing a senior official overseeing US border operations, said any Canadian working in the marijuana industry would not be permitted to enter the US. “If you work for the industry, that is grounds for inadmissibility,” Todd Owen, the executive assistant commissioner for the US Customs and Border Protection’s Office of Field Operations, told Politico.

Canada’s marijuana industry has seen valuations balloon in recent months. Tilray, for example, has seen its share price skyrocket by more than 600% since it went public in July.

The huge growth in the industry has sparked the interest of institutional and retail investors alike and has led to investments from the competing alcoholic-beverage industry. Back in August, Constellation Brands, the company behind Corona beer and Svedka vodka, announced it was investing another $4 billion in Canopy Growth, which raised its stake to 38%.

 

Source: Business Insider

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