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Social Buzz: Cannabis Stocks Rally as Reddit WallStreetBets Forum Focuses on Sector

BY MT Newswires
02/10/2021

03:45 PM EST, 02/10/2021 (MT Newswires) -- Shares of cannabis companies rallied again on Wednesday, as investors on the controversial Reddit investor forum WallStreetBets turned their gaze on marijuana growers and product providers.

Tilray ( TLRY ) shares soared 45% while shares of its merger partner, Aphria ( APHA ) , shot up 14%. The two companies announced in December that they planned to combine in a reverse merger valued at around $3.9 billion.

Tilray ( TLRY ) also announced on Tuesday that it had entered into a U.K. distribution agreement for medical cannabis products with Grow Pharma.

The Tilray-Aphria merger appeared to be attracting significant interest on the Reddit forum, along with speculation that Congress would move soon to legalize marijuana on the federal level.

Chronos Group (CRON) was another big gainer, with shares climbing 15%, while shares of Aurora Cannabis ( ACB ) jumped 20%.

Also gaining were shares of Village Farms International ( VFF ) , up 11%; The Valens Company (VLNS.TO), up 9%; HEXO Corp. ( HEXO ) , up 8%; and Canopy Growth Corp. ( CGC ) , up 8%.

On Tuesday, Canopy Growth ( CGC ) issued a positive quarterly earnings report and said that it expects to post a profit in the second half of 2022.