Cryptocurrency derivatives exchange FTX has listed tokenized stocks of five cannabis-focused companies. This was a bid to “weed out the competition,” the platform’s CEO Sam Bankman-Fried tweeted today.
“To be blunt, this is one of the dopest joint listings we’ve done,” said Bankman-Fried, adding, “FTX: blazing a path forward and weeding out the competition.”
To be blunt, this is one of the dopest joint listings we've done.
— SBF (@SBF_Alameda) December 16, 2020
These companies are Tilray (TLRY), Canopy Growth Corporation (CGC), Aurora Cannabis (ACB), Cronos Group (CRON), and Aphria (APHA).
On the heels of this announcement, the companies’ stock prices are in the green, gaining roughly between 2.5% and 7% on the day.
Additionally, Tilray and Aprhia also announced that they will combine their operations, potentially creating the biggest cannabis company, Bloomberg reported today.
One Twitter user asked why FTX didn’t just make an index out of these tokenized stocks “so we can just long weed.” According to Bankman-Fried, the idea was in the air, but the platform couldn’t decide on the ticker.
“Honestly we were going to but we got distracted trying to decide on the ticker,” he said.
Not that there is a shortfall of options. Suggestions included $WEED, $DOPE, $YOLO, and $LIT.