Buzz on the Bullboards: new TSX highs, mining and consumer staples rally

The TSX closed higher for the sixth consecutive session on Wednesday, reaching a new record high, supported by strong performances in mining and consumer staples sectors.

This sustained momentum reflects investor confidence in Canada’s resource-rich economy, even as U.S. markets remained mixed. South of the border, Wall Street appeared unfazed by the looming uncertainty surrounding a federal appeals court ruling expected Friday, which could deem most of President Donald Trump’s tariffs illegal—a decision that may reshape global trade dynamics.

This article is a journalistic opinion piece which has been written based on independent research. It is intended to inform investors and should not be taken as a recommendation or financial advice.

Cannabis championed as economic powerhouse

One of the day’s standout TSX performers was Organigram Global Inc. (TSX:OGI, Forum), Canada’s largest cannabis company by market share. The company released a landmark report titled High Impact, Green Growth: The Economic Footprint of Canada’s Cannabis Industry, developed in partnership with the Business Data Lab at the Canadian Chamber of Commerce. The report highlights the legal cannabis sector’s outsized contribution to Canada’s economy in 2024, with over C $16 billion added to national GDP and C$29 billion in total economic output.

Cannabis’s direct GDP contribution of C$8.4 billion outpaced traditional industries like forestry and logging ($3.4 billion), breweries (C$2.6 billion), and wineries/distilleries (C$975 million). The sector supported 227,000 jobs, including 168,000 in cultivation and retail, and 59,000 in logistics, supply, and professional services. Regionally, cannabis has become New Brunswick’s most valuable crop, generating C$269.4 million in farm cash receipts in 2022, surpassing potatoes and dairy. Nationally, cannabis farm receipts hit C$2.7 billion in 2024, exceeding greenhouse and field vegetables.

Despite its economic clout, the report warns that outdated excise tax structures and the lack of a national export strategy are stifling growth. With the global cannabis market projected to exceed C$140 billion by 2026, Organigram is urging policymakers to modernize regulations and include cannabis as a pillar in Prime Minister Mark Carney’s “One Canadian Economy” vision.

Financial and clinical progress reported

On the TSX Venture Exchange Theralase Technologies Inc. (TSXV:TLT, Forum), a clinical-stage pharmaceutical innovator focused on light, radiation, and drug-activated therapeutics. In its unaudited Q2 2025 financial results, Theralase reported a 12 per cent increase in revenue to C$310,933, while cost of sales decreased by 4 per cent, improving gross margins by 47 per cent to C$131,967. Selling expenses dipped 5 per cent, but administrative costs rose 10 per cent, driven by higher salaries and stock-based compensation. Research and development spending edged up 1 per cent to support its flagship Study II clinical trial. The company posted a net loss of C$2.42 million, up slightly from the previous year.

Operationally, Theralase completed three private placements between April and July, raising over C$1.66 million. These funds are earmarked for advancing Study II, which targets bladder cancer. As of August 26, 86 patients had received the primary study procedure, nearing the target enrollment of 90. Of the 70 patients who completed the study or were removed, 61.4 per cent achieved a complete response, and 70 per cent showed a total response. What stands out, is that 39.5 per cent maintained a complete response at the 450-day mark, indicating strong treatment durability. The company expects to complete enrollment in Q3 2025, with data lock and regulatory submissions slated for Q4 2026.

Drilling in Alberta wraps up

Another public company making headlines is Sonoro Energy Ltd. (TSXV:SNV, Forum) announced the successful completion of drilling operations at its Countess exploration well, located near Brooks, Alberta. The well reached a total depth of 1,180 metres, 20 metres deeper than planned, to fully penetrate the target formation. While oil was observed in mud returns and the well encountered 4–5 metres of potential oil pay, the average porosity of 6 per cent fell below commercial thresholds. Consequently, the well will be cemented and plugged, but the data will be used to refine seismic interpretations of the area.

By drilling the Countess Well, Sonoro earned a 100 per cent working interest in 3.5 sections of leases previously held by Badlands Resources. The company is now evaluating the potential for a second well on the acreage, pending technical and economic assessments. Sonoro also continues to pursue strategic initiatives in the Middle East, with updates expected as developments unfold.

Stay curious, stay informed

As the TSX and Venture Exchange continue their upward trajectory, investors are reminded that behind every ticker symbol lies a story of innovation, resilience, and strategic vision. Whether it’s cannabis reshaping agriculture, biotech pushing cancer treatment boundaries, or energy firms exploring new frontiers, the Canadian market is rich with opportunity. So before making your next move, dig deeper into the companies making headlines—your portfolio will thank you for it.

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