We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Here's Why Cannabis Stocks (ACB, CRON) Are Gaining Today
Read MoreHide Full Article
Shares of several notable cannabis stocks, including Aurora Cannabis (ACB - Free Report) and Cronos Group (CRON - Free Report) , were up more than 10% through early afternoon trading hours Monday on the back of continued industry deal making.
Aurora Cannabis saw bullish momentum after one of its partners, Radient Technologies, received a license that will allow it to extract higher-quality CBD. Radient is Aurora’s extraction-technology partner. Aurora said that the company can deliver higher throughputs than is possible with current benchmarks.
“With the upcoming new regulations permitting additional form factors and Radient's recent receipt of its processor license, we are in a strong position to rapidly expand production of a broad portfolio of extract-based products, tying in well with the significant scale-up of our global cannabis and hemp operations,” said Aurora CEO Terry Booth in a press release.
Aurora shares were up roughly 11% to $8.22 by Monday afternoon. The stock has now rallied nearly 70% since December 21. Shares still have some room to run before retesting a 52-week high of $12.52 reached in early October, but ACB certainly seems to have regained its momentum.
Fellow cannabis stock CRON was moving even more rapidly on Monday. With no confirmed news from Cronos emerging so far today, the gains are likely a result of some combination of industry optimism, short squeezing, and continued interest from momentum investors.
Cronos shares were up more than 18% to $24.61 in afternoon trading. The stock has surged more than 108% in the past month alone, making it one of the market’s hottest stocks in any industry.
Realistically, this momentum dates back to early December, when tobacco giant Altria (MO - Free Report) announced to it would take a 45% stake in Cronos for about $1.8 billion. Altria’s investment should help Cronos expand its production capacity and distribution footprint, catapulting the company up the ranks in terms of reach.
Other notable cannabis stocks in the green Monday include Canopy Growth (CGC - Free Report) (+4%), Aphria (+13%), and Tilray (TLRY - Free Report) (+7%).
Today's Best Stocks from Zacks
Would you like to see the updated picks from our best market-beating strategies? From 2017 through 2018, while the S&P 500 gained +15.8%, five of our screens returned +38.0%, +61.3%, +61.6%, +68.1%, and +98.3%.
This outperformance has not just been a recent phenomenon. From 2000 – 2018, while the S&P averaged +4.8% per year, our top strategies averaged up to +56.2% per year.
Image: Bigstock
Here's Why Cannabis Stocks (ACB, CRON) Are Gaining Today
Shares of several notable cannabis stocks, including Aurora Cannabis (ACB - Free Report) and Cronos Group (CRON - Free Report) , were up more than 10% through early afternoon trading hours Monday on the back of continued industry deal making.
Aurora Cannabis saw bullish momentum after one of its partners, Radient Technologies, received a license that will allow it to extract higher-quality CBD. Radient is Aurora’s extraction-technology partner. Aurora said that the company can deliver higher throughputs than is possible with current benchmarks.
“With the upcoming new regulations permitting additional form factors and Radient's recent receipt of its processor license, we are in a strong position to rapidly expand production of a broad portfolio of extract-based products, tying in well with the significant scale-up of our global cannabis and hemp operations,” said Aurora CEO Terry Booth in a press release.
Aurora shares were up roughly 11% to $8.22 by Monday afternoon. The stock has now rallied nearly 70% since December 21. Shares still have some room to run before retesting a 52-week high of $12.52 reached in early October, but ACB certainly seems to have regained its momentum.
Fellow cannabis stock CRON was moving even more rapidly on Monday. With no confirmed news from Cronos emerging so far today, the gains are likely a result of some combination of industry optimism, short squeezing, and continued interest from momentum investors.
Cronos shares were up more than 18% to $24.61 in afternoon trading. The stock has surged more than 108% in the past month alone, making it one of the market’s hottest stocks in any industry.
Realistically, this momentum dates back to early December, when tobacco giant Altria (MO - Free Report) announced to it would take a 45% stake in Cronos for about $1.8 billion. Altria’s investment should help Cronos expand its production capacity and distribution footprint, catapulting the company up the ranks in terms of reach.
Other notable cannabis stocks in the green Monday include Canopy Growth (CGC - Free Report) (+4%), Aphria (+13%), and Tilray (TLRY - Free Report) (+7%).
Today's Best Stocks from Zacks
Would you like to see the updated picks from our best market-beating strategies? From 2017 through 2018, while the S&P 500 gained +15.8%, five of our screens returned +38.0%, +61.3%, +61.6%, +68.1%, and +98.3%.
This outperformance has not just been a recent phenomenon. From 2000 – 2018, while the S&P averaged +4.8% per year, our top strategies averaged up to +56.2% per year.
See their latest picks free >>