(Bloomberg) -- Australian cannabis stocks more than doubled Thursday, almost matching gains made during the whole of last year after the government said it would allow medicinal cannabis to be exported. A Bloomberg index of local pot stocks based off a gauge from Red Leaf Securities rose about 125 percent in early trading, just shy of the 132 percent gain last year. “It's further vindication that the sector is becoming valid. It's not just a bunch of hippies anymore,” said John Athanasiou, chief executive officer at Red Leaf Securities. But “we've just got to be cautious about which ones to pick.”
To contact the reporter on this story: Matthew Burgess in Sydney at mburgess46@bloomberg.net.
To contact the editors responsible for this story: Edward Johnson at ejohnson28@bloomberg.net, Divya Balji, Teo Chian Wei
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