DAVIDsTEA has been steeped in rumors of a possible cannabis-infused beverage
Specialty retailer DAVIDsTEA Inc (NASDAQ:DTEA) shares rose and fell Friday on chatter that the Canadian company may be getting in on the cannabis craze.
The tea company addressed the swirl of rumors, saying it “wishes to confirm that it is not aware of any corporate development or other reason for the recent market activity.”
READ: Canadian cannabis stocks have more than doubled since Constellation deal with Canopy Growth, says Stifel
Shares of DAVIDsTEA opened at US$4.95 Friday morning, falling nearly 20% to US$2.70 in afternoon trading.
The Montréal-based company operates 239 retail stores, offering loose-leaf and prepackaged teas and well as related accessories.
In recent weeks several Canadian cannabis companies have been connected with big-name beverage makers, stirring up a rally in the sector.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/205470/davidstea-has-been-steeped-in-rumors-of-a-possible-cannabis-infused-beverage-205470.html
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