Recreational cannabis became legal across Canada on Wednesday. Most of the major cannabis stocks began to rally on the US and Canadian markets earlier in the week, but stocks fell sharply the morning of legalization day. We’ll take a closer look at Aurora Cannabis, Aphria, and Canopy Growth stocks today on the TSX.
Stocks Today: Aurora Cannabis Company Movement
Aurora Cannabis (TSX:ACB) is headquartered in Edmonton, Alberta, and has a current market cap of $13.396 billion. Next Week, Aurora Cannabis will start trading on the NYSE.
In addition to the big news about the NYSE, Aurora released a statement this morning about it filing an early warning report on its connection with The Green Organic Dutchman Holdings Ltd.
According to Yahoo Finance, ACB shares are currently trading at $13.94, up +$0.18 (+1.31) on the TSX. Currently, Aurora Cannabis is leading the Toronto Stock Exchange for most trades and most volume among all the stocks traded on the exchange today.
Stocks Today: Aphria Company Movement
Aphria (TSX:APH) is the second highest traded stock today by its volume. Aphria is headquartered in Leamington, Ontario, and produces and sells medical cannabis throughout Canada and internationally.
Four days ago the cannabis company completed its first shipment of cannabis oil to Argentina for a clinical study on epilepsy.
“This marks another important milestone as we continue to execute on our strategic expansion plans in Europe and around the world,” said Vic Neufield, CEO of Aphria.
Just before legalization, Aphria also announced it had allied with a UK-based neurologist and rehabilitation specialist, Professor Michael Barnes MD FRCP. Barnes is a leading voice of medical cannabis across Europe.
According to Yahoo Finance, APH shares have slightly corrected and are currently trading at $19.23 a share, down -$0.22 (-1.13%).
Stocks Today: Canopy Growth Company Movement
Canopy Growth (TSX:WEED) is headquartered in Smiths Falls, Ontario, and through its subsidiaries grows and sells medical cannabis in Canada.
Three days ago, Canopy Growth published a press release celebrating the legalization of recreational marijuana in Canada. To celebrate, the company claims its CEO, Bruce Linton, completed the first legal sale of recreational cannabis in Canada at the Tweed flagship store on Water Street in St. John’s, Newfoundland at 12:00 AM.
President and co-CEO of Canopy, Mark Zekulin, said:
“Now the real fun begins. In addition to our constant focus on education, we can start introducing customers to the differentiated retail experience and high-quality products we’re proud to offer. We look forward to continuing our introduction to Canadians and invite the curious in for a conversation. Our staff are experts and are ready to answer the questions people have never had the chance to ask in a legal marketplace before.”
According to Yahoo Finance, WEED shares remain in the green and are currently trading at $64.65 a share, up +$0.71 (+1.11%).
What do you think about cannabis stocks today?
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