Canopy Growth — the world’s biggest cannabis company and a major shareholder in Australia’s number two pot stock AusCann — surged to a record high overnight.

The stock moved ahead 11 per cent to an intraday high of $US37.65 on the New York Stock Exchange, valuing it at more than $US6 billion.

Canopy recently lifted its stake in AusCann (ASX:AC8) to 11.2 per cent as part of a $33 million capital raising.

The fresh high comes after Constellation Brands, the company behind Corona beer and Svedka vodka, said it would up its stake in the Canadian cannabis company by $US4 billion. Constellation is Canopy’s biggest investor.

Canopy Growth has been grinding higher ever since it began trading on the New York Stock Exchange in May, though its price is quite sensitive to regulatory issues.

Shares took a hit last week when the Canadian province of Ontario said it would delay the launch of retail marijuana stores.

In its most recent earnings report, which coincided with the announcement of Constellation’s investment, Canopy said it lost 11c per share on revenue of $US25.9 million – both of which were worse than Wall Street had expected.

Shares of Canopy Growth gained 33 per cent since their May initial public offering.

Business Insider interviewed Canopy’s CEO, Bruce Linton, last month about his plans to operate anywhere the drug is legal, and about the new THC-infused products you can expect to see in the future.

Canopy Growth stock weed

This article first appeared on Business Insider Australia, Australia’s most popular business news website. Read the original article. Follow Business Insider on Facebook or Twitter.