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Cannabis stocks were generally higher on Tuesday, as investors likened the latest wave of corporate announcements to the sector and the US is turning to legalizing grass for adults.
Aurora Cannabis Inc. Shares
CBA + 2.83%
CBA + 2.92%
increased by 3%, after the company announced that it was acquiring a 51% stake in the Portuguese company Gaia Pharma Lda. It planned to create a local site for the production of medical cannabis and related products. The terms of the contract are not disclosed.
Gaia Pharma, which has just been approved by the Portuguese Ministry of Health for the construction of GMP-compliant cannabis growing facilities in the European Union, will be renamed Aurora Portugal Lda. GMPs, or good manufacturing practices, are the European standard for authorization and licensing of food and beverages, cosmetics and pharmaceuticals.
The construction of the new facility will be phased. The first phase is expected to be completed by the third calendar quarter of 2020. The first phase is expected to provide a production capacity of about 2,000 kg per year, which is expected to reach 4,000 kg per year. the second phase is over.
Aphria Inc. listed in the United States
APHA + 3.10%
APHA + 2.91%
Shares rose 3.7% after the company announced it has entered into a worldwide licensing agreement with Manna Molecular Science LLC, aimed at developing transdermal patches of cannabis. The Manna patch has been developed by scientists at the Massachusetts Institute of Technology and works for all cannabinoids.
Organigram Holdings Inc. Shares
OGRMF, + 4.15%
rose 4%, after the company declared that it had signed a letter of intent with Quebec's cannabis regulator, which means it is now distributed in all 10 Canadian provinces.
Meanwhile, in the United States, New Mexico has gone one step further to legalize cannabis for recreational purposes for adults, after a panel of MPs voted 7 to 3 in favor. sending a measure of recreational cannabis to the home, according to Marijuana Business Daily.
State NDP governor Michelle Lujan Grisham said she would support legalization as long as there are safeguards against child use. His position contrasts with that of his predecessor, Republican Susana Martinez, who opposed legalization and restricted the state's medical program.
Elsewhere in the sector, the shares of Canopy Growth Corp.
GSC + 2.03%
CANNABIS, + 1.87%
2.7% increase, shares of Cronos Group Inc.
CRON, + 4.89%
CRON, + 4.76%
were up 4.6% after rebounding from Monday's lows, and Tilray Inc.
TLRY, + 0.83%
was up 1.1%.
Read also: Canopy Growth weighs on cannabis sector after reformulating profit indicator
Related: Canopy Growth Co-CEO Reveals Key Priorities of Largest Legal Marijuana Company in the World
Hexo Corp.
hexo, + 2.29%
hexo, + 1.87%
was down 0.1%, a day after Jefferies began hedging the sector and attributed the equivalent of a sales note to this stock.
Shares of CannTrust Holdings Inc.
CTST, + 1.68%
TRST, + 2.80%
two trading days on the New York Stock Exchange. Jefferies estimates that the company holds approximately 20% of Canada's national medical market.
For more, read: Marijuana stocks to watch: CannTrust is positioned as a major pot operator
The ETFMG Alternative Harvest ETF
MJ + 1.08%
up 0.7% and Horizons Marijuana Life Sciences ETF
HMMJ, + 1.61%
was up 1.3%.
The S & P 500
SPX, + 0.06%
decreased by 0.1% and the Dow Jones Industrial Average
DJIA, -0.10%
was down 0.3%.
To learn more about MarketWatch's cannabis coverage, click here.
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