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Buds & Duds: Cannabis stocks on a high after midterm wins and Sessions’ exit

Voters in Michigan, Missouri and Utah voted ‘yes’ on marijuana proposals Tuesday
US dollar shaped like a cannabis leaf
Tilray and Aurora Cannabis were two of the top-performing cannabis stocks

Buds

Cannabis stocks were on the rise Wednesday, basking in the glow of US midterm results that brought legalization, recreational and medicinal, to three more states.

Long-time marijuana opponent US Attorney General Jeff Sessions tendered his resignation letter, giving cannabis stocks a reason to celebrate.

Tilray Inc (NASDAQ:TLRY) ) was one of the best-performing cannabis stocks with shares surging more than 30% to US$139.60 by Wednesday’s closing bell.

Cronos Group Inc (NASDAQ:CRON) shares jumped more than 8% to US$9.81.

READ: Shares of Tilray light up after US Attorney General Jeff Sessions resigns

Canopy Growth Corporation (TSE:WEED, NYSE:CGC) shares closed up more than 8% to US$46.10.

The cannabis producer recently closed its US$4 billion investment from Constellation Brands Inc (NYSE:STZ), the maker of Corona beer.

Shares of Aurora Cannabis Inc (NYSE:ACB) were up nearly 9% to US$8.05.

Auxly Cannabis Group Inc (OTCQX:CBWTF) shares were up about 8% to US$0.90 by the end of the trading day.

The company recently closed its acquisition of Inverell S.A., a federally-licensed cannabis operator based in Uruguay.

READ: Michigan, Missouri and Utah vote ‘yes’ on marijuana, but North Dakota’s hopes go up in smoke

Newstrike Brands Ltd (OTCMKTS:NWKRF) shares climbed more than 9% to C$0.59.

Its subsidiary Up Cannabis Inc was named an official supplier to the Ontario Cannabis Store.

Duds

It was a good day for cannabis stocks, but not everyone was riding high.

Shares of CV Sciences Inc (OTCQX:CVSI) sank more than 9% to US$5.57 by the end of the day.

The life science company recently expanded its CBD product sales sequentially by 10% to US$13.6 million in the third quarter from US$12.3 million in sales in the second quarter, but shares fell on suspected profit-taking.

The North American Marijuana Index, which tracks the leading cannabis stocks in the US and Canada, was up about 4.5% by Wednesday’s close.

 

Contact Lenore Fedow at [email protected]

Follow her on Twitter@LenoreMariee

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