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TSX Today: Canopy Growth, Taseko Mines, Nano One Materials

Today is Thursday, September 14. The TSX is currently up 201.44 points to 20,480.38. Here are the stocks leading the way.

Shares of Canopy Growth (Canopy Growth Stock Quote, Chart, News, Analysts, Financials TSX:WEED) are spiking today after the company announced it will stop funding its BioSteel unit, which will enter bankruptcy protection.

Canopy purchased Biosteel, a sports drink popular with pro athletes in 2019. The company was founded by ex-NHL player Michael Cammalleri.

“Canopy Growth has marked yet another major milestone in our transformation plan, as while BioSteel’s business has shown significant year-over-year revenue growth, and we believe the brand remains an attractive asset, it does not align with Canopy Growth’s cannabis focused asset-light strategy,” CEO David Klein said. We have repeatedly demonstrated that we will take decisive action to enhance our profitability and ensure we are focused and positioned to be a leader in the North American cannabis sector.”

At press time, shares of WEED were up 16.7 per cent to $1.82.

Shares of Taseko Mines (Taseko Mines Stock Quote, Chart, News, Financials TSX:TKO) weren’t far behind WEED, up 14.6 per cent to $2.04 after the miner announced it had received the final permit for its Florence Copper project.

“Receipt of this final permit is an exciting milestone for Taseko and a testament to the project’s strong environmental attributes. We now have one of a very few construction-ready, fully permitted copper projects in North America. With approvals in place from the Arizona Department of Environmental Quality and now the EPA, we can commence construction of the Florence copper commercial production facility. This achievement is a major stride forward and a result of Taseko’s long-term approach to project development, environmental protection and community engagement,” said CEO Stuart McDonald.

And shares of Nano One Materials (Nano One Materials Stock Quote, Chart, News, Analysts, Financials TSX:NANO) rose after the Vancouver-based company announced it had produced lithium iron phosphate (LFP) at commercial scale with performance results consistent to lab scale.

“We are ready to send qualified LFP materials to our partners for evaluation at tonne scale from our commercial scale reactors.” said Chief Commercialization Officer Denis Geoffroy, “These reactors performing are an important milestone in our commercialization strategy, to provide tonne scale samples to strategic partners and boost the confidence in our technology’s scalability. I am very proud of our team who achieved these results in a very short timeframe.

At press time, shares of NANO were up 9.2 per cent to $2.61.

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