Cannabis stocks had a rough start to October. Many of the major cannabis stocks fell double-digit percentages. The sharpest investor sell-off occurred on October 17th, when recreational cannabis became legal across Canada. However, cannabis stocks have begun to make a comeback from the last half of October to now. Today, we'll take a look at Canopy Growth (NYSE:CGC) and Aurora Cannabis Inc. (NYSE:ACB), which are both trending on the NYSE today.
Canopy Growth Corporation
Canopy Growth is headquartered in Smiths Falls, Ontario, and with its subsidiaries, engages in the growth and sale of medical cannabis across Canada. Today, the cannabis stock is among the top trending stocks on the NYSE by the number of trades made of the stock. Currently, there have been just under 50,000 trades of CGC today.
The cannabis company has not released a new company update for investors in four days. Despite its lack of updates, the stock is booming on the market.
According to Yahoo Finance, Canopy Growth's stock is trading at $43.70 a share, up +$3.63 (+9.07%). In five days, the cannabis stock is up 24.89%, but for the month, CGC is down -12.33%.
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Aurora Cannabis
Aurora Cannabis is headquartered in Edmonton, Alberta, and produces and distributes medical cannabis products internationally and across Canada.
This morning, Aurora announced that it will acquire all of the issued and outstanding shares of ICC Labs Inc. (TSXV:ICC). ICC is a fully licensed producer and distributor of medical cannabinoid extracts and recreational marijuana in Uruguay. The company is also fully licensed to produce medical cannabis in Colombia.
The vote required the approval of two-thirds of ICC shareholders, and approximately 98.74% of the votes said yes.
This morning, Aurora remains the top traded cannabis stock on the NYSE by its total trade volume. According to Yahoo Finance, the cannabis stock is trading at $7.67 a share, up +$0.32 (+4.24%).
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