Friday was an unusually active day for fans of marijuana — at least on the stock market.

Tweed Marijuana Inc. became Canada’s first licensed provider of medical marijuana to go public and investors seem eager to jump on the hype surrounding the green rush.

The stock raced out of the gate at the opening bell to $4.60 per share with more than two million traded in the first 15 minutes, before settling to close at $2.59 apiece.

That gives the formerly private company a market cap of $90 million.

It was by far the most actively traded stock Friday on the TSX Venture, with nearly 10 million shares changing hands.

The opening asking price was much higher than the 85 cents Tweed chairman Bruce Linton had expected, based on the closing price of the shell company it took over and the number of shares outstanding. Stocks are often driven higher before they actually go on the exchange by large-scale investors who set automated orders to buy the second the market opens.

Linton believes the 44 per cent drop from the opening price to close has more to do with the early, rather than waning, enthusiasm. He pointed out that the first trade was nearly six times higher than the last closing price.

“It’s the first day, and it’s a phenomenal first day,” he said.

Tweed’s first day of trading was marred by a number of technical glitches that made it difficult for some traders to find the stock. Its stock symbol TWD sometimes led to an entirely different company, while at other points the company name was associated with the old ticker LWI.

In order to bypass the complex and lengthy process of an initial public offering, the company executed a reverse takeover of shell company LW Capital Pool Inc.

Tweed is one of 12 medical marijuana producers licensed so far by Health Canada and operates out of an old chocolate factory in Smiths Falls, Ont.

The market’s potential for growth has raised a huge amount of interest in the sector. Everyone from currently licensed patients to junior mining companies are looking into ways to profit from to jump on board the green rush. Health Canada has received some 600 applications from those looking for a federal license to start growing and selling the controversial medicine.

Penny-stock mining and oil companies have jumped at the chance to be associated with medical marijuana in the wake of the federal government’s commercialization of the industry. It’s a phenomenon that has sent their share prices soaring with each press release expressing interest in the industry.

But not all those getting in on the weed action partook in Tweed’s high on Friday.

Supreme Pharmaceuticals Inc., Satori Resources Inc., Maple Leaf Green World Inc., Umbral Energy Corp., Terra Firma
Resources and Thelon Capital Ltd. are all companies that have recently announced an interest in the marijuana market. They were also among the most active traders Friday, but all of those stocks dropped.

Linton believes investors may have jumped from those companies into Tweed, the only company listed on a stock exchange with a viable business plan and a license from the federal government.

“(I think they realize) that what we’re doing is creating a business” he said.

“There’s a fundamental difference when you work to create a business that is multiple years than when your intent is to be a hot trade.”

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  • Pot price by province and select U.S. states

    This data is based on crowdsourced averages from PriceOfWeed.com. Numbers are for "high quality" weed, as identified by submitters.

  • Quebec: $191.51 per ounce

    Cheapest weed in Canada.

  • Prince Edward Island: $193.29 per ounce

  • New Brunswick: $193.90 per ounce

  • British Columbia: $200.07 per ounce

  • Oregon: $214.79 per ounce

    Cheapest weed in the U.S.

  • Alberta: $226.55 per ounce

  • Manitoba: $227.86 per ounce

  • Ontario: $237.24 per ounce

  • Saskatchewan: $239.31 per ounce

  • California: $249.79 per ounce

  • Yukon: $253.75

  • Nova Scotia: $272.26 per ounce

  • Newfoundland and Labrador: $292.73 per ounce

  • Northwest Territories: $333.33 per ounce

  • New York State: $353.90 per ounce

  • North Dakota: $415.89 per ounce

    Most expensive weed in the U.S.

  • Nunavut: $783.86

    Most expensive weed in Canada.

  • Also on HuffPost: WHICH PROVINCE CONSUMES THE MOST POT?

  • Canada - 12.2 Per Cent

    3,429,678 people These are the <a href="http://www.statcan.gc.ca/daily-quotidien/130918/dq130918a-eng.htm" target="_blank">StatsCan totals</a> for Canadians age 15 years and older in the 12 months of 2012. Use included cannabis and hashish.

  • 10. Saskatchewan - 10.1 Per Cent

    81,676 people

  • 9. P.E.I. - 10.4 Per Cent

    12,437 people

  • 8. New Brunswick - 11 Per Cent

    68,444 people

  • 7. Newfoundland And Labrador - 11.1 Per Cent

    47,344 people

  • 6. Quebec - 11.5 Per Cent

    763,278 people

  • 5. Manitoba - 11.5 Per Cent

    110,235 people

  • 4. Alberta - 11.8 Per Cent

    361,247 people

  • 3. Ontario - 12.1 Per Cent

    1,331,299 people

  • 2. B.C. - 14.2 Per Cent

    538,434 people

  • 1. Nova Scotia - 14.8 Per Cent

    115,285 people <a href="http://huff.to/18g3q4l" target="_blank">Trailer Park Boys thesis proved</a>.

  • NEXT: Where In The World Do Kids Smoke The Most Pot?

  • 29. Norway

    - 4.55 per cent of children aged 11, 13 and 15 report having used marijuana in the last year. All data from <a href="http://www.unicef.org/policyanalysis/index_68637.html" target="_blank">UNICEF'S Child Well-Being Index</a> for 2013.

  • 28. Sweden

    - 5.54 per cent of children aged 11, 13 and 15 report having used marijuana in the last year.

  • 27. Romania

    - 6.08 per cent of children aged 11, 13 and 15 report having used marijuana in the last year.

  • 26. Greece

    - 6.6 per cent of children aged 11, 13 and 15 report having used marijuana in the last year.

  • 25. Iceland

    - 7 per cent of children aged 11, 13 and 15 report having used marijuana in the last year.

  • 24. Finland

    - 8.02 per cent of children aged 11, 13 and 15 report having used marijuana in the last year.

  • 23. Germany

    - 8.55 per cent of children aged 11, 13 and 15 report having used marijuana in the last year.

  • 22. Austria

    - 10.04 per cent of children aged 11, 13 and 15 report having used marijuana in the last year.

  • 21. Portugal

    - 10.05 per cent of children aged 11, 13 and 15 report having used marijuana in the last year.

  • 20. Hungary

    - 10.54 per cent of children aged 11, 13 and 15 report having used marijuana in the last year.

  • 19. Denmark

    - 11.51 per cent of children aged 11, 13 and 15 report having used marijuana in the last year.

  • 18. Slovakia

    - 13.04 per cent of children aged 11, 13 and 15 report having used marijuana in the last year.

  • 17. Ireland

    - 13.11 per cent of children aged 11, 13 and 15 report having used marijuana in the last year.

  • 16. Lithuania

    - 14.24 per cent of children aged 11, 13 and 15 report having used marijuana in the last year.

  • 15. Poland

    - 14.60 per cent of children aged 11, 13 and 15 report having used marijuana in the last year.

  • 14. Estonia

    - 14.69 per cent of children aged 11, 13 and 15 report having used marijuana in the last year.

  • 13. Luxembourg

    - 15 per cent of children aged 11, 13 and 15 report having used marijuana in the last year.

  • 12. Belgium

    - 16.07 per cent of children aged 11, 13 and 15 report having used marijuana in the last year.

  • 11. Italy

    - 16.62 per cent of children aged 11, 13 and 15 report having used marijuana in the last year.

  • 10. Netherlands

    - 17.05 per cent of children aged 11, 13 and 15 report having used marijuana in the last year.