Tilray Leads Cannabis Gains, Poised to Snap Three-Day Slump
(Bloomberg) -- Tilray couldn’t stay down for long.
The cannabis company that has lost about $200 per share from the intraday peak of last week’s wild ride climbed in pre-market trading Tuesday, leading gains among pot peers and setting the stock up to break its longest losing streak since its July IPO. The stock gained as much as 23 percent pre-market after expanding its medical cannabis exports to three hospitals in Australia to treat children suffering from epilepsy. Tilray is up as much as 20%.
It’s not the only positive news in the sector Tuesday. Canopy Growth Corp., which briefly yielded its title as the biggest cannabis company to Tilray last week, won a new bull with a a buy rating and $100 Street-high price target from Benchmark. The firm cited its "early leadership in the medical cannabis market in Canada", upcoming legalization in Canada and an investment from Constellation Brands as the basis for the call. Canopy’s Canadian-listed shares are up as much as 4.5%, while peer Cronos Group was up as much as 5% before paring gains.
Aurora Cannabis also reported a jump in its fourth-quarter revenue, more than tripling its revenue a year ago. The Canadian stock has gained 130% since the marijuana mania began and is already looking forward to a U.S. listing. As it prepares for the Canada’s legalization of pot next month, the company plans to increase production to match the rising demand, expecting revenue growth to not only continue but accelerate. The stock is trading up ~8%.
Several other marijuana related stocks are rising today. New Age Beverage Corp. (NBEV) is up as much as 31%. Canopy Rivers (RIV) is up 9.5%. Intelgenx Technology (IGXT) is up 19.2%. Aleafia Health is up 18.4%.
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