Why Marijuana Stocks Were Smoking on Friday

Cannabis stocks took off like a rocket Friday -- and on a most curious catalyst.

Early this morning, analysts with investment bank Piper Sandler lowered their price target on Tilray (NASDAQ: TLRY) stock -- but only to about $8 a share, or a couple percentage points above where it closed Thursday. Thus, what should have been a negative news item for Tilray (and indeed, what began with Tilray stock down for the day) turned into a positive catalyst for Tilray, which ended the day just a couple pennies shy of $8.

Other marijuana stocks reacted positively as well, with Sundial Growers (NASDAQ: SNDL) gaining 2.6% by close of trading, Canopy Growth (NASDAQ: CGC) growing 4.9%, and Charlotte's Web (OTC: CWBHF) spinning 8.7% higher.

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Source Fool.com