Proactive Investors - Run By Investors For Investors

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

Join Proactive’s Crypto, Blockchain and Cannabis Telegram group here
View full TLRY profile View Profile

Tilray Inc Timeline

Related Articles

1540909388_Marijuana-stethoscope.jpg
October 30 2018
The firm wants to become the first publicly listed, globally focused, pure cannabis company
cannabis tablet
February 28 2019
The company fills a niche in the medicinal cannabis market, as it continues to push forward its suite of precision oral dose products
Cannabis leaf
November 19 2018
With the legalisation of recreational cannabis in Canada in October, and the US expected to follow suit, the company has its sights set on building up the very best in the industry
Copyright © Proactiveinvestors.com, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use