(MENAFN- Investor Ideas) Investorideas , a global news source and expert investing resource covering cannabis stocks reports on trading in cannabis stocks tor today's session and some of the top gainers.
Looking at why the stocks are up today, speculation includes short covering and cannabis banking reform.
Canopy Growth Corporation (TSX: WEED ) (Nasdaq: CGC ) is trading at $7.91, spiking $1.43 for a 21.94% gain, with a high of $8.03 on the NASDAQ. The company's most recent news was results of the shareholder meeting and an update on strategy.
"On October 25, 2022, Canopy Growth previously announced a strategy to accelerate its entry into the U.S. cannabis industry and unleash the value of its full U.S. cannabis ecosystem through the creation of a new U.S.-domiciled holding company, Canopy USA, LLC ("Canopy USA"). Canopy USA holds the Company's U.S. cannabis investments, which will enable it to exercise rights to acquire Acreage Holdings, Inc. ("Acreage"), Mountain High Products, LLC, Wana Wellness, LLC and The Cima Group, LLC (collectively, "Wana") and Lemurian, Inc. ("Jetty"). Canopy Growth is expected to deconsolidate the financial results of Canopy USA and have a non-controlling interest in Canopy USA, which will be accounted for as an equity method (fair value) investment."
Potential benefits of this strategy include:
"Fast Tracks Entry into the World's Largest and Fastest Growing Cannabis Market: The U.S. retail cannabis market is projected to be as high as approximately US$50 billion in 2026, and this strategy aims to unlock the ability to capture share and return on investments made to date. Through these "stepping stone" transactions, Canopy Growth will be strategically repositioned to capitalize on the benefits of complete ownership and control of its U.S. THC portfolio of assets following the date that the NASDAQ Stock Market or The New York Stock Exchange permit the listing of companies that consolidate the financial statements of companies that cultivate, distribute or possess marijuana (as defined in 21 U.S.C 802) in the United States."
Tilray Brands, Inc. (Nasdaq: TLRY ) (TSX: TLRY ) is trading at $1.7450, up marginally at 0.0250 (+1.45%) on the NASDAQ. News from the company's subsidiary , Montauk Brewing Company , came out today announcing the return of Project 4:20 India Pale Ale, a limited release crafted to celebrate and support green charities during Earth Month and beyond. This year, Montauk will donate proceeds of Project 4:20 to the Surfrider Foundation, a non-profit dedicated to the protection and enjoyment of the world's oceans, waves and beaches.
Montauk brewed Project 4:20 (6.8% alcohol-by-volume) with a unique blend of terpenes for maximum dankness, resulting in a hazy IPA that delivers resinous hempy aromatic notes. In addition to donating 5% of proceeds from Project 4:20 to the Surfrider Foundation, Montauk Brewing will also promote and participate in beach cleanups hosted in April by the organization's Eastern Long Island and Central Long Island chapters.
Aurora Cannabis Inc. (NASDAQ: ACB ) (TSX: ACB) is trading at$ 6.55, gaining $0.76, up 13.13% on the NASDAQ with a morning high of $6.57.
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