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Tweed Marijuana Inc., the first publicly traded Canadian producer of the drug, rose from its private placement price as it began trading on the Toronto Stock Exchange.

Tweed rose to $2.52 at 2:07 p.m. in Toronto Friday, up 183% from the issue price of 89 cents based on a private placement on March 7. The shares sank from an opening price of $5.10 at the start of public trading and were the third-most traded in Canada with 9.64 million shares changing hands.

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@TweedInc (TWD) began trading on TSX Venture Exchange – welcome! #TSXV — TMX Group (@TMXGroup) April 4, 2014

Tweed, based in a former chocolate factory in Smiths Falls, Ontario, said yesterday it purchased more than 60 new strains of medical marijuana seeds and plants from licensed growers. It didn’t disclose how much the purchases cost.

Tweed, with a market value of $89 million, won a government license to grow and sell marijuana to patients who have a doctor’s prescription. The system was supposed to replace home-grown medical pot on April 1 before a recent court challenge by individual growers. Health Canada has estimated the market could be worth $1.3 billion in 10 years.