Canadian Company Soars 90% After Winning “POT” Ticker Symbol Lottery
The ticker symbol “POT” was so sought after in Canada, the exchange actually had to have a lottery in order to determine which company was going to “win” the symbol.
And to the victor go the spoils – a small Vancouver based pot company called Weekend Unlimited Inc. was deemed to be the winner of the lottery and saw its shares soar as much as 90% in trading on Friday as a result. The company also trades under WKULF on the U.S. OTC Markets.
The company had been listed on the Canadian stock exchange since October 15, two days before the country legalized recreational marijuana. And since these days nobody seems to have an attention span longer than the actual ticker, the comany was previously trading under the ticker “YOLO”, an acronym for “you only live once”.
Alas, the stock’s performance had been downright ugly… up until Friday. YOLO was down by about 57% since its first day of trading, bringing its market cap to C$28.6 million. As for the ticker “POT”, it was previously owned by Potash Corporation. When it became available in Canada about a week ago, 40 companies reportedly applied for it.
TMX Group CEO Paul Chu said: “The POT lottery served to raise the profile of Canada’s leadership in legal recreational cannabis and we believe it will also serve to raise Weekend Unlimited’s profile.”
Meanwhile, the AdvisorShares Pure Cannabis ETF filed with the U.S. Securities and Exchange Commission to take over the “YOLO” symbol that Weekend Unlimited has left behind.
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