Stocks - Cannabis Stocks Jump Higher Midday; Beverage Stocks Also Up
Published Aug 20, 2018 11:25AM ET
Cannabis shares were broadly higher midday.
Investing.com - Cannabis stocks were rising in midday trading, with the sector continuing to gain momentum after a major investment announcement in Canopy Growth last week.
Canopy Growth (NYSE:CGC) stock rose about 7% at 11:25 AM ET (15:25 GMT).
The stock has been on a tear since beverage company Constellation Brands (NYSE:STZ), which owns Corona beer and Svedka vodka, said it would invest a further $4 billion in Canopy, Canada’s top cannabis producer.
Constellation invested about $200 million in the company last year.
That strength lifted other major stocks in the sector.
Aurora Cannabis (OTC:ACBFF) rose about 9% and Tilray (NASDAQ:TLRY) gained about 8%.
The beverage sector was also active after PepsiCo (NASDAQ:PEP) announced it would buy SodaStream (NASDAQ:SODA) for $144 per share, a deal valued at $3.2 billion.
Shares of SodaStream surged about 10% and PepsiCo gained about 0.1%.
Coca-Cola (NYSE:KO) was up about 0.25%, while Keurig Dr Pepper (NYSE:KDP) was off about 1%. And Monster Beverage (NASDAQ:MNST) was flat.
Get The News You Want
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.