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Tilray leads Canadian cannabis stocks higher, while U.S. companies falter

MARKETWATCH 11:24 AM ET 9/18/2018
Symbol Last Price Change
TLRY 146.55up +26.36 (+21.93%)
ACBFF 7.945down +0.2685 (+3.5%)
QUOTES AS OF 11:24:46 AM ET 09/18/2018

Aurora plays down speculation about possible investment from Coca-Cola

Cannabis stocks were mostly higher again on Tuesday, led by Tilray Inc.(TLRY), which rallied sharply on news that the U.S. Drug Enforcement Administration has approved its plan to import a marijuana product and test its efficacy in treating a neurological disorder that affects millions of Americans.

The DEA's signoff (http://www.marketwatch.com/story/tilray-to-import-cannabis-to-us-for-clinical-trial-2018-09-18)was the final regulatory hurdle Tilray(TLRY) needed to cross for a clinical trial of cannabis in treating essential tremor, a movement disorder. Tilray(TLRY) is testing for marijuana's potential efficacy for different diseases, but its other four studies are taking place in Canada, Spain and Australia, in part because of U.S. federal prohibition of the drug.

The stock soared 18% Tuesday, bringing its one-month gain to 345%.

Aurora Cannabis Inc. (ACBFF) , (ACB.T) meanwhile, was halted for news in the first few hours of trade, before it released a statement. Aurora was the subject of speculation Monday after a report that drinks giant Coca-Cola Co. has held talks with the company on a possible investment. Coca-Cola declined to comment, but acknowledged its interest in the opportunities posed by CBD-infused beverages (http://www.marketwatch.com/story/coca-cola-says-its-closely-watching-the- opportunities-in-cbd-infused-beverages-2018-09-17), or those that contain cannabinoids, key ingredients in marijuana.

Aurora said its policy is not to comment on speculative media reports, but added that it "engages in exploratory discussions with industry participants from time to time. At this time the Company confirms there is no agreement, understanding or arrangement with respect to any partnership with a beverage company."

The stock was last up 4% and has gained 60% in the last month.

Read also:Aurora Cannabis buys Europe's biggest hemp producer Agropro and distributor Borela (http:// www.marketwatch.com/story/aurora-cannabis-buys-europes-biggest-hemp-producer-agropro-and-distributor-borela-2018-09-12)

Related:Enjoy Coke -- and the money it might make for marijuana investors (http://www.marketwatch.com/story/enjoy- coke-and-the-money-it-might-make-for-marijuana-investors-2018-09-17)

Beverages companies are fast embracing the weed sector as sales of soda and other drinks deemed to be unhealthy decline. Constellation Brands Inc. (STZ) has made a multibillion-dollar investment in Canopy Growth Corp., while Molson Coors (TAP) has started a joint venture with Hydropothecary Corp.

Canopy Growth (WEED.T) was up 3% on Tuesday, while Cronos Group Inc. (CRON.T) was up 10%. Canadian weed stocks have been on a tear of late as the country gears up for full legalization of the substance on Oct. 17.

Don't miss: For Canadian marijuana investors, coming to U.S. is a 'crapshoot' that can end in lifetime ban (http:// www.marketwatch.com/story/for-canadian-marijuana-investors-coming-to-us-is-a-crapshoot-that-can-end-in-lifetime-ban- 2018-09-14)

Read now: Canopy Growth is 'at the top of the food chain' as Canada gears up for legal weed (http:// www.marketwatch.com/story/canopy-growth-is-at-the-top-of-the-food-chain-as-canada-gears-up-for-legal-weed-2018-08-29)

But U.S. weed stocks were lower Tuesday. Cannabis Sativa Inc. (CBDS) was down 3.5% and GrowGeneration Corp. (GRWG) was down about 1%.

The Horizons Marijuana Life Sciences Index ETF , which tracks more than 20 cannabis companies in North America and trades on the Toronto Stock Exchange, was up 4%. The S&P 500 was up 0.4% and the Dow Jones Industrial Average was up 0.3%.

-Ciara Linnane; 415-439-6400; [e-mail]


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09-18-181124ET
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