Despite License from Health Canada to Buy Cannabis from British Columbia Growers, RCMP Seizes Marijuana Shipment for Tweed, Mettrum Twice at Kelowna Airport
By Vittorio Hernandez | April 9, 2014 9:00 AM EST
Despite the shade of legality that medical marijuana has recently acquired from courts and even stock exchanges, the warning of experts that it is too early to place a person's well earned money in the industry via shares acquisition has some truth to it.
A judge checks on a marijuana sample during a judging session at Uruguay's second "Cannabis Cup" at a hotel in downtown Montevideo in this June 22, 2013
In the case of Tweed Marijuana (TSX: V.TWD), the Toronto-based firm that is the first publicly listed medical cannabis company in Canada, despite it acquiring a licence from Health Canada to buy weed from British Columbia growers, the shipments were confiscated nevertheless by the Royal Canadian Mounted Police (RCMP) twice last week.
Tweed said the RCMP seized the shipment from it on Friday at the Kelowna Airport RCMP even if it informed the RCMP ahead of time of the shipment be transparent in its transaction, disclosed Tweed Chairman Bruce Linton.
Huffington Post reports that another Toronto-based medical marijuana company, Mettrum - one of 12 licenced by Health Canada - suffered the same fate under the hands of the RCMP at the same gateway.
Just two working days after Tweed's start of trading at the TSX, its share prices went up to $3.6 based on 6 million shares sold, resulting in the company now having a market cap of $126 million on 35.1 million shares outstanding.
Other medical pot firms also listed in TSX are 88 Capital (TSX:V.EEC), Pinnacle Digest (TSX:V.PFN), Next Gen Metals (CSE:C.N.. Stock Forum), Alchemist Mining (TSX:V.AMS), Enertopia (CSE:C.TOP, Stock Forum) and Maple Leaf Green World (TSX:V.MGW).
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