Investing.com - Cannabis stocks rose midday Monday. Investors celebrated the industry's biggest 4/20 Day as recreational use has surged after legalization in many U.S. states and Canada.
The annual marijuana day celebration on April 20 led to a crash of delivery websites, including the biggest legal delivery app, Eaze, as companies struggled to keep up with demand.
Canopy Growth (NYSE:CGC) surged 5.3% in midday trading. The company announced last week it has entered an agreement to purchase Acreage Holdings for $3.4 billion on the conditions that weed is federally legalized in the U.S.
The deal gives the Canadian company an edge over its competitors and could pave the way for more deals.
Elsewhere, Aurora Cannabis (NYSE:ACB) rose 1.2%, while Constellation Brands (NYSE:STZ) gained 3% and Cronos Group (NASDAQ:CRON) jumped 5.3%. Tilray (NASDAQ:TLRY) edged up 1.2%.