Marijuana stocks are making major moves on Wednesday alongside news of a couple of mergers in the sector.
Aurora Cannabis (NASDAQ:ACB) is behind part of today’s rise in marijuana stocks. The company is acquiring TerraFarma for a minimum of $38 million. TerraFarma is the owner of Thrive Cannabis, which has won several awards with its flagship Greybeard Cannabis brand.
Cresco Labs (OTCMKTS:CRLBF) is also adding to the marijuana stocks growth today as it agrees to acquire Columbia Care (OTCMKTS:CCHWF). This will have it paying $2 billion to enter the cannabis space.
It’s not unsurprising for stocks in the same market to rise and fall in symphony with each other. That appears to be what’s happening today as several other players in the space see their shares jump alongside merger news today.
Let’s check out how this merger news is affecting marijuana stocks today.
- Tilray (NASDAQ:TLRY) stock starts us off with its shares rising more than 4% as of Wednesday morning.
- Canopy Growth (NASDAQ:CGC) shares are up next with the cannabis company’s stock seeing an over 2% gain as of this writing.
- Aurora Cannabis obviously joins the list with its stock rising more than 2% this morning thanks to today’s merger news.
- Sundial Growers (NASDAQ:SNDL) stock is getting an over 4% boost as investors react positively to the merger news today. It’s also worth noting that SNDL plans to release its most recent earnings report next week.
Investors on the lookout for more stock market news on Wednesday are in luck!
We’ve got all the hottest stock market coverage that traders need to know about today! A few examples include a few bits of news concerning GameStop (NYSE:GME) stock, as well as this morning’s pre-market stock movers. You can find all of that info at the following links!
More Stock Market News for Wednesday
- Chairman Ryan Cohen Just Bought GME Stock. Here’s Why.
- Why Is GameStop (GME) Stock Up Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Wednesday
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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