Why Aurora Cannabis, Canopy Growth, and Tilray Stocks Just Popped
Marijuana stocks continued to rebound from last week's sell-off on Wednesday, with shares of Canopy Growth (NASDAQ: CGC) gaining 4.2%, Tilray Brands (NASDAQ: TLRY) up 4.8%, and Aurora Cannabis (NASDAQ: ACB) leading the whole pack higher with a 5.4% gain as of 1:40 p.m. ET.
Partly, the rebound appears to be a simple side effect of the market in general gaining back some of its losses. The Nasdaq -- to which index all three of these cannabis stocks belong -- is up 1.5% in midafternoon trading. But partly, marijuana stocks may be benefiting from some optimistic news from one of their number.
This morning, Canopy announced that in an effort to progress from losses toward profitability, it will divest its Canadian Tweed and Tokyo Smoke retail operations and focus in the future on producing "premium" branded cannabis as a consumer packaged goods company. Ontario-based OEG Retail Cannabis will take over Canopy's 23 retail operations outside of Alberta; 420 Investments Ltd. will acquire Canopy's five locations within Alberta.
Source Fool.com
