Why Canopy Growth, Cronos Group, and Most Other Top Canadian Pot Stocks Are Jumping Today
Shares of Canopy Growth (NYSE: CGC) were jumping 11.1% higher as of 3:25 p.m. EST on Monday. That nice gain trailed behind that of HEXO (NYSE: HEXO), which was up by 12.7%. Aphria (NYSE: APHA), Cronos Group (NASDAQ: CRON), Organigram Holdings (NASDAQ: OGI), and Tilray (NASDAQ: TLRY) were also up by 8.4%, 9.3%, 9.4%, and 8.7%, respectively. The only one of the top Canadian pot stocks that wasn't moving significantly higher was Aurora Cannabis (NYSE: ACB), with its shares up only 2%.
But none of these Canadian cannabis producers announced any news today, so what lit a fire beneath their stocks? The best guess is that it's a combination of several factors. Both Aphria and Organigram announce their latest quarterly results tomorrow. Investors could be looking for positive news about the Cannabis 2.0 market launch. Canopy Growth's new CEO, David Klein, takes the helm tomorrow as well.
There's also a real possibility that investors think that the beaten-down valuations of stocks in the cannabis sector are ready to bounce back. The Cannabis 2.0 market and the expansion of pot retail infrastructure in Ontario could be fueling increased optimism.
Source Fool.com
