Major cannabis stocks are rebounding on the market today! Last week, Aurora Cannabis (NYSE:ACB) listed on the New York Stock Exchange and the cannabis market was seeing the biggest correction it had faced since October 17th. Today, however, Aurora is in the green, along with Canopy Growth and Aphria.
Let’s take a closer look at Canopy Growth Corporation and Aphria to check out their latest company movements that might have propelled them in the green today.
Cannabis Stocks: Canopy Growth Corporation (NYSE:CGC) (TSX:WEED)
Canopy Growth is headquartered in Smiths Falls, Ontario, and together with its subsidiaries, engages in the growth and sale of medical cannabis in Canada. Canopy offers its products under eight different brand names. The company was formerly known as Tweed Marijuana but changed its name back in September of 2015.
Canopy Growth debuted on the NYSE at the end of April of this year. Since that time, the stock has grown over 44%.
Earlier this month, it was announced that Canopy Growth had successfully completed its first legal medical cannabis export from Canada to the US, through its Constellation Brand partnership. This has been the biggest news to come from the Canadian cannabis company this month.
Despite no recent news, the cannabis stock is up today. According to Yahoo Finance, CGC stock is trading at $34.20 a share, up +$1.13 (+3.42%). On the TSX, Canopy shares are trading at $44.76 a share, up $1.28 (+2.94%).
Cannabis Stocks: Aphria Inc. (TSX:APH)
Aphria Inc. is headquartered in Leamington, Ontario, and the company produces and sells medical cannabis throughout Canada and internationally. This morning, Aphria announced that it will begin trading on the NYSE, starting on November 2nd.
The company will trade under the stock ticker APHA and will become the third largest Canadian stock to be listed on the NYSE lately.
“Listing on the NYSE provides Aphria with access to the largest equity market in the world, with increased exposure to a vast array of US institutional and retail investors. This strategic move aligns directly with our growth ambitions as we enter an elite peer group of respected, high-profile corporate brands listed on the NYSE,” said Vic Neufeld, Aphria CEO.
According to Yahoo Finance, APH has received a big boost from the NYSE news. At press time, the cannabis stock is trading at $13.57 a share, up +$0.80 (+6.26%).
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