Canadian cannabis stocks have more than doubled since Constellation deal with Canopy Growth, says Stifel
Tilray Inc (NASDAQ:TLRY) was the talk of the town Wednesday as it took shareholders on a wild ride with trading halted twice. Its shares nearly doubled from its previous close, dipped into negative territory and then soared again just before the closing bell to end the day on a high note.
The cannabis company’s performance pushed the total market capitalization for Canadian Licensed Producers above $C80bn at its peak, closing at around C$73bn, as per a Stifel note shared by TheFly.com.
READ: Constellation Brands ups stake in Canopy Growth, invests an additional US$4bn
Tilray’s performance was impressive, but Canadian cannabis stocks have been on the rise since Constellation Brands Inc (NYSE:STZ), the maker of Corona beer, invested an additional US$4bn in Canopy Growth Corp (NYSE:CGC, TSX:WEED).
Since then, Canadian cannabis stocks have soared 127%, according to Stifel analyst Christopher Growe.
The analyst estimates the Canadian market to be worth around C$10bn, so more global opportunities will need to present themselves for the valuations to be realized.
Canada is set to legalize cannabis this fall, but no other countries have announced similar plans just yet.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/205352/canadian-cannabis-stocks-have-more-than-doubled-since-constellation-deal-with-canopy-growth-says-stifel-205352.html
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).