Aphria (NYSE: APHA) ended the week on a strong note. Shares of the Ontario-based cannabis company climbed by 11.3% on Friday, despite the company not reporting any news.
The catalyst for Aphria's stock rising today seems to be the better-than-expected financial results Aurora Cannabis (NYSE: ACB) -- one of Aphria's peers in the marijuana industry -- reported after the market closed on Thursday. Aphria is simply riding the positive wave started by its competitor.
There was little hope that Aurora Cannabis would be able to deliver strong financial results, especially after Tilray (NASDAQ: TLRY) -- another big player in the marijuana industry -- disappointed with its own earnings report. However, Aurora Cannabis's net revenue of CA$78.4 million (excluding provisions of 2.9 million Canadian dollars) came in higher than the 66.7 million Canadian dollars analysts were expecting.
Source Fool.com