Cannabis stocks started off with a bang this week and continued climbing Tuesday.
The US Drug Enforcement Administration approved its plan to import a marijuana product to the US to treat essential tremor, a disorder of the nervous system that can cause shaking in different parts of the body.
Shares of Tilray jumped more than 25% to US$150.96 in Tuesday afternoon trading.
READ: CryptoCann™ Report: People’s Bank of China issues ICO warning; Quebec bans merchandise decorated with cannabis leaf
Shares of other cannabis companies climbed higher as well.
Aurora Cannabis Inc cleared the air about a proposed deal with Coca-Cola for cannabis-based beverages, confirming that no such deal was in place. Shares of the company still jumped nearly 9% to C$10.87.
Canntab Therapeutics Ltd (CSE:PILL) shares were on the rise after the cannabis pill developer released positive test results for its extended-release formula and announced it would begin manufacturing batches for clinical testing. Shares of Canntab were up 17% to C$1.17.
Aphria Inc (TSE:APH, OTCQB:APHQF) shares were up more than 5% to US$15.79.
Shares of CV Sciences Inc (OTCQB:CVSI) rose double digits, soaring nearly 20% to US$5.66.
The North American Marijuana Index, which tracks the top cannabis stocks in the United States and Canada, jumped more than 5% to US$339.87.
The Horizons Marijuana Life Sciences Exchange Traded Fund, a group of marijuana stocks that trades on the Toronto Stock Exchange, was up more than 5% to C$24.58.