Marijuana stocks rallied on Thursday on exciting product news in the industry
Exciting new product announcements including a marijuana lozenge with a United States patent helped cannabis stocks bounce back from their losing streak yesterday. Shares went up across the board on Thursday, bringing the sector back into a more positive outlook.
Investors in Aurora Cannabis Inc NYSE: ACB could finally celebrate the company’s listing on the New York Stock Exchange. After getting off to a disappointing start this week, Aurora rallied 1.9 percent yesterday, marking its first gains since listing.
It was a sharp turn after the stock fell 31 percent over the past four sessions. Aurora’s uptick followed an announcement on Wednesday that the company received approval to begin shipping medical marijuana to Poland.
Leading exchange-traded fund Horizons Marijuana Life Sciences rose 5.5 percent on Thursday afternoon as 40 of its 48 components saw gains. For Horizons, it marked the end of the ETF’s longest losing streak – eight straight sessions down – since the fund launched in April 2017.
Top stocks that rallied yesterday include Canopy Growth Corp TSE: WEED, Cronos Group Inc TSE: CRON, and Green Organic Dutchman Holdings Ltd TSE: TGOD. Cronos climbed back 9.8 percent, followed by Canopy’s 6.7 percent increase. Shares of Green Organic Dutchman were up 6.7 percent.
Vancouver-based Integrated Cannabis Co. saw gains of 6.1 percent after announcing plans to distribute its line of CBD-infused gummies in Phoenix. The medical marijuana chewables contain 10 milligrams each of CBD and are vegan.
Company CEO John Knapp says they are a good option for the older demographic that is more wary of marijuana products. They plan to sell the products online as well as through retailers in Colorado.