05/30/2017 08:38 EDT | Updated 05/30/2017 08:43 EDT

The Tragically Hip Partner With Medical Marijuana Company Newstrike Resources

The Tragically Hip are hoping to get ahead by a few days, partnering with a Canadian medical marijuana company just before it's set to go public.

The Hip are now "significant investors" in Newstrike Resources Ltd. through controlled companies, according to a company news release.

"After much discussion and assessment on our part, we’ve decided that this company – and the many creative people in it – are a perfect fit for The Hip," it read.

tragically hip The Tragically Hip perform on stage during the "Man Machine Poem" tour at the Air Canada Centre in Toronto. (Photo: GP Images/WireImage)

The band pointed out that medicinal cannabis has health benefits and is already legal in Canada. It called the federal government's move to legalize recreational marijuana use "common-sense-policy" and "a change for the best."

"The harm wrought by the prohibition of marijuana has been thoroughly researched and documented."

Newstrike is a small company, and only one of 45 licensed medical pot growers under Health Canada, according to the release.

The company is set to go public on Thursday, and will trade under the symbol HIP on the TSX.

CEO Jay Wilgar said in the release he was "proud, humbled and honoured" by the Hip's decision to invest.

"No one knows Canada and Canadians like the members of The Tragically Hip."
— Scott Kelly, Newstrike Resources executive chairman

“The members of The Tragically Hip are known to a generation of Canadians as artists that have never (wavered) in their commitment to quality and integrity," he said. "As investors, they will apply those same principles to Newstrike."

Executive chairman Scott Kelly said the band's involvement will help Newstrike build their brand as the one Canadian consumers will choose once recreational marijuana is legalized.

"No one knows Canada and Canadians like the members of The Tragically Hip."

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