Is Shopify the Next Hot Marijuana Stock?
Shopify (NYSE:SHOP) got its start a dozen years ago when Ottawa-based entrepreneur Tobias Lutke wanted a better platform to sell snowboards, but now the dot-com darling may be cashing in on bigger highs than just snowy mountaintops. Sales through some of the e-commerce platform’s storefronts have been buzzing since Wednesday’s legalization of marijuana for recreational use in Canada.
Several Canadian provinces — including Ontario’s official government site, which will be that region’s only legal way to buy recreational cannabis until next year — are turning to Shopify to power their online stores. Private-party retailers are also leaning on Shopify to cash in on the opportunity, and it’s drumming up a spike in activity for the platform operator that cashes in on digital rent as well as a piece of the transaction action.
Shopify Plus executive Loren Padelford was tweeting out the platform’s success hours into Wednesday’s anxiously anticipated Canadian legalization. He would go on to tell BNN Bloombergthat Shopify wasn’t having a problem handling the spike in activity.
Visitor and order volumes weren’t as high as Black Friday, but naturally things were a lot busier than the typical shopping day in Canada, with more than…
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