Why Aurora Cannabis, Canopy Growth, and Other Top Canadian Marijuana Stocks Soared Today
Several top Canadian marijuana stocks soared by double-digit percentages on Tuesday. Shares of Aurora Cannabis (NYSE: ACB) were up by 12.3% as of 3:08 p.m. EST. Canopy Growth (NYSE: CGC) stock was jumping 12.1%. Tilray's (NASDAQ: TLRY) gain for the day was in the same ballpark, with shares up 12.5%. Aphria (NYSE: APHA) lagged behind slightly, with the stock rising 10.6%.
Two of the biggest winners, though, were Cronos Group (NASDAQ: CRON) and Sundial Growers (NASDAQ: SNDL), with shares vaulting 16.8% and 22.6% higher, respectively.
What lit a fire beneath these Canadian marijuana stocks on the last day of 2019? There wasn't any major news today. Probably the biggest factor behind today's spike is that the Cannabis 2.0 market for cannabis derivative products is picking up steam. Most of the stocks that jumped also have double-digit short percentages of shares outstanding, so any upward movement can result in short-sellers closing out their positions, contributing to even greater increases in share prices.
Source Fool.com
