Canopy Growth hits record high as Canada gets ready to legalize weed

Canopy Growth

• Weed stocks surged on Monday in the wake of Canada planning to legalize marijuana on Wednesday.
• Canopy Growth hit a record high, soaring more than 14%.
• Watch Canopy Growth, Tilray, Aurora Cannabis and Cronos trade in real time.

Weed stocks surged Monday as Canada prepares to legalize marijuana on October 17.

Canopy Growth soared more than 14%, hitting a record high of $57 a share. Rivals Tilray, Aurora Cannabis, and Cronos gained between 11% and 19%.

Also on Monday, Canopy Growth agreed to acquire the Colorado-based hemp researcher Ebbu, in a stock-and-cash deal for $425 million Canadian dollars.

Since August 2018, the pot stocks have been exploding in popularity amongst investors as several companies have explored the possibility of selling Marijuana-based products. 

Last week, Walmart said its Canadian division has carried out some “preliminary fact-finding” on potentially carrying CBD (or cannabidiol) infused products.  In September, Coca-Cola held talks with Aurora Cannabis to make a CBD-infused drink but was unable to reach a deal.

Markets Insider