Canadian marijuana producers jumped again Monday, with one in particular surging to new highs amid optimism over its prospects in Quebec.
Aurora Cannabis Inc. is now up more than 90 percent this month, fueled by rising revenue and speculation it can secure a strong market position in Quebec’s legalized cannabis market. Aurora’s weed-growing facility in the province received a cultivation license, putting it in a favorable position, said Chris Damas, the editor of the BCMI Report in Barrie, Ontario.
Aurora rose 29 percent to close at C$5.97 in Toronto, giving the company a market capitalization of C$2.39 billion ($1.88 billion). Canopy Growth Corp. rose 2 percent while Aphria Inc., another producer, climbed 7.5 percent. All three rallied Friday after the Canadian government proposed a tax of C$1 a gram for legalized recreational pot.
– Read the entire article at Bloomberg.