It was a day of smokin' highs for many cannabis stocks as they boosted up for the second Monday in a row on the back of a range of news: notably a number of cannabis beverage deals.
Aphria Inc (TSE:APH) shares were up 10.0% at C$11.83 and Cronos Group Inc (TSE:CRON, NASDAQ:CRON) rocked up 18.5% in Toronto and 21.1% in New York, respectively, on the back of news that investors anticipated they could be candidates for a deal with British alcoholic beverage maker Diageo (NYSE:DEO), known for its products such as Crown Royal whisky and Guinness beer.
WeedMD Inc (CVE:WMD) shares perked up 8.4% on Monday, at C$1.80 after the company announced it had signed a cannabis supply deal with the Nova Scotia liquor corporation.
"We are extremely excited about our partnership with NSLC and that Nova Scotians will have the opportunity to experience WeedMD's cannabis products in the coming months," said Keith Merker, chief executive officer of WeedMD.
READ: WeedMD Inc announces cannabis supply deal with Nova Scotia liquor corporation; shares pop
Tilray Inc (NASDAQ:TLRY) was another benefactor in today's highs, surging 21.8% at US$53.44. Tilray Canada, a subsidary of Tilray Inc. reached an agreement last week with the Ontario Cannabis Store, which also helped to boost its stock as well as signing a deal with the Nova Scotia liquor corporation.
Tidal Royalty Corp (CSE:RLTY, OTC:TDRYF) announced Monday that it had secured a letter of intent (LOI) from CannaRoyalty Corp (CSE:CRZ, OTCMKTS:CNNRF) to buy Alternative Medical Enterprises LLC for C$8mln in a combined cash and stock deal.
READ:Tidal Royalty to buy Altmed from CannaRoyalty Corp in a C$8mln cash and royalty deal
The Horizons Marijuana Life Sciences Exchange Traded Fund, a group of marijuana stocks that trades on the Toronto Stock Exchange, rose 6.7%, to C$21.61.
The upwards stock market shifts point to an emerging trend where investors appear to have increased confidence in the cannabis sector, despite significant ebbs and flows in recent months.