Canopy Growth Corp. (CGC.TO) shares rose more than 20 per cent at midday on Monday, after the marijuana company reported its profit more than doubled during its second quarter.

Smith Falls, Ont.-based Canopy said that in the quarter ended Sept. 30, revenue rose to $8.5 million – marking a 245 per cent increase over the same period last year.

"Strong growth in registered patients drove our revenues higher during the second quarter," said Canopy Chairman and CEO Bruce Linton in a statement. "We continue to believe that variety, quality and consistency of supply are key to driving market share in the legal cannabis market."

Canopy reported it had more than 24,400 registered patients by the end of the second quarter.

Based on Monday’s share price, the medical and recreational marijuana maker’s market valuation reached about $1.35 billion.

Canopy Growth’s stock was already on a tear after California, Maine, Massachusetts and Nevada voted to approve recreational use of the drug last week. The four states join Alaska, Colorado, Oregon, Washington, and Washington, D.C., which already have similar laws in place.