Stock in marijuana company Curaleaf drew attention today due to its notable price fluctuations.
Curaleaf Ascends to S&P/TSX Composite Index
Curaleaf, a leading marijuana company, made history on Monday by becoming the first U.S.-based cannabis operator to be included in the S&P/TSX Composite Index. The move took effect before market open on September 22.
The rise in Curaleaf's shares was more significant than the 0.2% increase of the S&P 500 on the same day, closing more than 3% higher. However, the current price for Curaleaf's shares and its market cap, gross margin, and ticker symbol were not provided in the given context.
The inclusion in the S&P/TSX Composite Index broadens Curaleaf's access to institutional investment and index-linked vehicles, as it navigates the industry's ongoing development. Curaleaf is the only U.S.-based cannabis operator currently in the S&P/TSX Composite Index.
S&P Global, the index's owner, made quarterly adjustments to its indexes and included Curaleaf in the latest one. The company was one of five companies selected for inclusion in the latest adjustment, and the only one from the broader healthcare sector.
Curaleaf's CEO, Boris Jordan, believes that the company's inclusion in the S&P/TSX Composite Index validates the growing legitimacy and long-term potential of the cannabis sector. He stated, "This is a significant milestone for Curaleaf and the cannabis industry as a whole."
While Curaleaf was not identified as one of the 10 best stocks to buy by The Motley Fool Stock Advisor analyst team, it's worth noting that the team's previous recommendations have led to significant returns. For instance, investing $1,000 when Netflix was recommended on December 17, 2004, could have yielded $670,781, and investing $1,000 when Nvidia was recommended on April 15, 2005, could have resulted in $1,023,752. The Motley Fool Stock Advisor team's total average return is 1,052%, which is a market-crushing outperformance compared to 185% for the S&P 500.
The Motley Fool Stock Advisor team's latest top 10 list is available when you join Stock Advisor. For those interested in exploring investment opportunities in the cannabis sector, Curaleaf's inclusion in the S&P/TSX Composite Index may signal a promising development.
The ticker symbol for Curaleaf on the over-the-counter market is CURLF. For the latest updates on Curaleaf's share price and market performance, investors are encouraged to stay tuned.
