Canopy Growth Corp, Aphria Inc, MedReleaf Corp’s Takeout by Aurora Cannabis Drives Cannabis Index Higher

James West

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 HumboldtMeadow 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:

More Awesome Cannabis Investor Content:

James West

James West

Editor and Publisher

I employ a Capital Efficiency Model that dictates money should never be exposed for longer than is absolutely necessary to the possibility of being lost. Thus, I routinely sell half my position when a stock doubles from my entry price, and I sell stocks that lose 20%, unless there are...
More Info...

[email protected] | |

Midas Letter is provided as a source of information only, and is in no way to be construed as investment advice. James West, the author and publisher of the Midas Letter, is not authorized to provide investor advice, and provides this information only to readers who are interested in knowing what he is investing in and how he reaches such decisions.

Investing in emerging public companies involves a high degree of risk and investors in such companies could lose all their money. Always consult a duly accredited investment professional in your jurisdiction prior to making any investment decision.

Midas Letter occasionally accepts fees for advertising and sponsorship from public companies featured on this site. James West and/or Midas Letter may also receive compensation from companies affiliated with companies featured on this site. James West and/or Midas Letter also invests in companies on this site and so readers should view all information on this site as biased.

Free Newsletter,
Priceless Content.

Be the first to hear from Midas Letter on all things Cannabis.