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Cannabis Summary for May 21, 2020

2020-05-21 18:56 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index gained 18.22 points to 163.39 Thursday, while the Canadian Securities Exchange Composite Index gained 6.23 points to 368.91. Aurora Cannabis Inc. (ACB) surged $6.29 to $24.10 on 13.96 million shares after announcing a $40-million (U.S.) acquisition of a United States CBD company (the deal was announced yesterday after the market closed). Aurora gained over $400-million (U.S.) of market cap, then, on the heels of a $40-million (U.S.) deal.

The jump continues the run that Aurora has been on since releasing its fiscal Q3 results. Those results apparently took the market by surprise with Aurora's improved revenue and reduced expenses. Aurora is up from $9.20 to $24.10 in the four days of trading since releasing the results. (While the company's three-month chart is an attractive one, the view becomes uglier when stretching the chart back to 12 months -- the stock is well off its 52-week high of $141.48.)

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