Time to roll up a fatty and watch some Netflix: A tiny, Vancouver-based company named Weekend Unlimited was declared the winner of the ‘POT’ stock-symbol lottery in Canada, and the company is flying high.
“Weekend Unlimited is thrilled to add the iconic POT trading symbol to its identity,” the firm’s CEO and President Paul Chu said.
Per Bloomberg, shares for the company lit up as much as 65% after it won the first-ever random lottery for a Canadian ticker symbol.
Puff, puff, pass
After the POT symbol (which was formerly owned by the world’s largest producer of the alkaline-potassium compound, Potash Corp.) came up for grabs last week, more than 40 companies applied for the rights.
So, due to high demand, the exchange held a lottery to determine the winner. Weekend Unlimited, a self-styled “lifestyle brand” that scales small to medium flower, extract, and edible brands, begins trading with the POT symbol starting today.
Underdog gets greens
Weekend Unlimited debuted on the Canadian Securities Exchange in October with YOLO as their ticker, 2 days before the country legalized recreational marijuana.
Its stock had fallen 57% since the market close, with a market value around $28.6m before trading opened on Friday.
As for the retired YOLO ticker, another pot-related security has reportedly filed with the SEC and the NYSE to trade under the symbol.