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POT Ticker Generates Frenzy as WHO Softens Stance on Marijuana

(Bloomberg) — Little illustrates the mania for cannabis investments better than the unprecedented demand over the stock symbol POT, but new recommendations from the World Health Organization suggest some of that frenzy may not be unwarranted.

Tiny Vancouver-based cannabis company Weekend Unlimited Inc. saw its stock gain as much as 148 percent Friday after winning out over 40 other companies in the first-ever lottery for a stock ticker held by Canadian exchanges. Weekend Unlimited, which previously traded under YOLO, short for “you only live once,” wasn’t exactly lacking a memorable ticker.

In a weird twist, the YOLO symbol may find new life in another pot-related security, as the AdvisorShares Pure Cannabis ETF has filed to trade on the New York Stock Exchange under YOLO.

In more serious news, the WHO is recommending that cannabis and its resin be removed from Schedule IV, the most restrictive category of a 1961 drug convention that governs international treaties. The WHO is also moving to clarify that CBD containing less than 0.2 percent THC is not under international control at all.

If adopted, these recommendations would recognize changing attitudes toward the drug and its medical properties, potentially encouraging fence-sitting politicians to speed up the pace of legalization. They could also be a “catalyst for Big Pharma to further assess the global medical cannabis opportunity,” according to BMO analyst Tamy Chen.

To Read The Rest Of This Article By Kristine Owram on Bloomberg Quint

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Published: February 03, 2019

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