10:14:33 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Aphria Inc
Symbol APH
Shares Issued 232,005,434
Close 2018-07-12 C$ 11.98
Market Cap C$ 2,779,425,099
Recent Sedar Documents

Globe/wire say ICC enjoyed early hedge-fund backing

2018-07-13 08:28 ET - In the News

See In the News (C-ICC) ICC Labs Inc

The Globe and Mail reports in its Friday edition that currently, institutions account for only a fraction of shares held in many pot companies. A Bloomberg dispatch to The Globe says that big firms hold 6.5 per cent of Aphria and just 5.2 per cent of Aurora Cannabis. By comparison, 76 per cent of portfolio stalwart Rogers Communications is held by institutions. For the few cannabis companies that are cross-listed on U.S. exchanges, institutional ownership is higher. About 18 per cent of Canopy Growth, which trades on the New York Stock Exchange, is held by institutions, while Cronos Group, listed on the Nasdaq Stock Market, is at 22 per cent. New York hedge fund Navy Capital's foray into cannabis investing started in 2016 when it got a call from a Canadian broker urging it to look at ICC Labs, chosen by Uruguay to produce recreational marijuana after it passed a law legalizing the drug in 2013. Chief investment officer John Kaden said that they almost did not take the call. "I mean, cannabis in Uruguay?" However, Navy bought in at a $40-million valuation before ICC listed on the TSX Venture Exchange. Four months later when it had reached a market value of $160-million, Navy sold. It is worth $206-million now.

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