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The venture capital arm of one of the world’s largest marijuana companies swung wildly in its trading debut as the investor frenzy over the nascent sector continued unabated.

Canopy Rivers Corp. opened trading at just over 200 per cent higher

than its $3.50 offering price, before falling to about $9, giving it a market value of $1.54 billion.

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The company was spun out from Canopy Growth Corp. and completed a $104 million private placement offering in July. Its shares began trading on Canada’s TSX Venture Exchange through a reverse takeover under the symbol RIV.

Its shares rose to as much as $11.82 a piece and fell to as low as $7.50.

The company’s debut comes as pot valuations surge with Canada less than a month away from legalizing recreational marijuana. Smith Falls, Ontario-based Canopy, the first marijuana unicorn with a $1 billion valuation, has seen its share price balloon more than 32 per cent in the last month. It was dethroned earlier this week as the largest publicly traded pot company by British Columbia-based Tilray Inc., which has soared to a market capitalization of about $20 billion after going public a mere two months ago.