Why Tilray and Canopy Growth Were Among Rising Cannabis Stocks Today

A theme is emerging among Canadian cannabis companies and their plans for growth. Today, Canopy Growth (NASDAQ: CGC) announced a new acquisition agreement that has it following a similar strategy as other Canadian growers like Tilray (NASDAQ: TLRY). That news is among the reasons several peer companies are seeing shares jump today. As of 1:20 p.m. EDT, shares of these names, as well as Sundial Growers (NASDAQ: SNDL) and OrganiGram Holdings (NASDAQ: OGI), were moving as follows:

Today, Canopy Growth announced an agreement for the right to acquire Colorado-based Wana Brands, the top edibles brand in North America. The combination will occur upon federal marijuana legalization in the U.S. The plan is similar to a deal Tilray announced in August to potentially control another American cannabis retailer. 

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Source Fool.com