Canopy Growth Corp, Aphria Inc, MedReleaf Corp’s Takeout by Aurora Cannabis Drives Cannabis Index Higher
Canopy Growth Corp (TSE:WEED) (NYSE:CGC) (FRA:11L1) is flirting with $40 a share again at midday during the second session of the 3rd quarter, Aphria Inc (TSE:APH) (OTCMKTS:APHQF) (FRA:10E) is powering upward, while MedReleaf Corp (TSE:LEAF) (OTCMKTS:MEDFF) (FRA:MEW) grinds higher as its acquisition by Aurora Cannabis Inc (TSE:ACB) (OTCQB:ACBFF) (FRA:21P) plows ahead. The Midas Letter Canada Cannabis Index is up 3 percent as of 1 p.m. on June 4th, as investors’ anticipation of the legalization of cannabis for recreational purposes – Bill c-45 – begins to materialize through increased interest in the large cap Canadian-listed companies.
Canopy had announced on June 1st that it had successfully applied for and received 5 retail locations in Saskatchewan in Humboldt, Meadow Lake, the Rural Municipality of Corman Park, Melville, and Fort Qu’Appelle. The locations will be supplied by Canopy’s “Tweed Grasslands” site in Yorkton, Saskatchewan.
Watch Bruce Linton describe Canopy Growth’s far-reaching strategy for the recreational cannabis market, which Bruce says should be announced on June 7th.
Canopy also announced it was holding a job fair in St. John’s, Newfoundland, where it is gearing up to open certain operations.
Overall, index constituents, who are defined as Canadian listed companies in the cannabis sector with market capitalizations above CA$500 million (There are currently 10) are all up considerably, with Canopy leading the pack with a 5 percent increase in value this session, up $1.92 at $39.62.
Canopy is closely followed by Aphria as its continued positive developments cheers shareholders the closer we get to June 7th. Aphria is up $0.30 on 3.9 million shares traded, or 2.55 percent. Aphria had announced on May 28th that it was sinking $4 million into a South African entity called Verve Group of Companies, who owns Verve Dynamics Inc, a medical cannabis products producer in Lesotho.
Aphria said it would form a South African joint venture with the company to be called CannInvest Africa Ltd.
Below is the full list of constituents of the Midas Letter Canada Cannabis Index and their performance so far today:
|WEED:TSX||Canopy Growth Corporation||39.43||1.73||4.59%|
|ACB:TSX||Aurora Cannabis Inc.||8.12||0.06||0.74%|
|CRON:TSX||Cronos Group Inc.||9.03||0.18||2.03%|
|THCX:TSV||The Hydropothecary Corporation||4.88||0.08||1.67%|
|TRST:TSX||CannTrust Holdings Inc.||8.44||0.16||1.93%|
|OGI:TSV||OrganiGram Holdings Inc||4.97||0.05||1.02%|
|EMH:TSV||Emerald Health Therapeutics Inc.||4.20||-0.01||-0.24%|
|FIRE:TSV||The Supreme Cannabis Company Inc.||1.67||0.02||1.21%|
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