Canada’s marijuana stocks jumped Tuesday after Justin Trudeau’s Liberal party victory but the oilpatch was less enthusiastic.

At least two CEOs of Canadian companies had expressed jitters earlier this month about the possibility of a change in government.

Grant Fagerheim of Calgary-based oil and gas producer Whitecap Resources Inc. said he was “very concerned” about the possibility of Canadians electing another Prime Minister Trudeau.

Fagerheim cited the national energy program introduced in 1980 by the Liberal leader’s late father, former prime minister Pierre Trudeau, as a point of concern for Canada’s oilpatch.

He said it took 15 years for the industry to recover from the program.

Meanwhile, Blackberry CEO John Chen said Stephen Harper’s Conservatives had been helpful to the tech company and said he’d like to see the “status quo.”

However, medical marijuana producers were excited about the change, noting that the Conservatives were the least marijuana-friendly of all three major parties.

Canopy Growth Corp. increased 11 per cent to $2.43, Aphria Inc. rose 5.3 per cent to $1 and Mettrum Health Corp. gained 7.6 per cent to $1.98. The companies already produce marijuana for medical use, which is legal in Canada.

“Trudeau’s vow to legalize and regulate marijuana the ‘right way’ has set in motion the single most important catalyst for the marijuana space,” Dundee Capital Markets analyst Aaron Salz said in a Tuesday note to clients.

The changing of the guard in Ottawa could result in recreational access to the drug — a move that would fuel rapid growth in Canada’s burgeoning cannabis industry.

“I think what you’ll see perhaps, after this election ... is a recognition that there is an opportunity to collect taxes on something that is already being sold into the market illegally or illicitly,” said Bruce Linton, the CEO of Canopy Growth Corp.

Canopy’s shares were rising ahead of the federal election. At the close of trading Monday, shares were up nine per cent, or 18 cents, to $2.18.

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The company’s stock has shot up nearly 30 per cent since Oct. 13, when it closed at $1.75.

With files from Bloomberg