Cannabis stocks took off with a running start this week.
Beverage giant The Coca-Cola Company (NYSE:KO) sent cannabis company shares soaring after expressing its interest in the cannabis drinks business.
READ: Beverage giant Coca-Cola interested in cannabis drinks, sending cannabis stocks higher
“We are closely watching the growth of non-psychoactive CBD as an ingredient in functional wellness beverages around the world,” said Coca-Cola spokesman Kent Landers in an emailed statement to Bloomberg.
“The space is evolving quickly. No decisions have been made at this time,” he added.
Coca-Cola is reportedly in talks with New Age Beverages (NASDAQ:NBEV) and Aurora Cannabis Inc (TSX:ACB) (OTCMKTS:ACBFF) to develop the beverages.
Shares of Aurora surged more than 16% to C$9.98 by Monday’s close while shares of New Age jumped nearly 7% to US$2.45 in Tuesday pre-market trading.
A rising tide lifts all the boats, sending shares of other cannabis companies higher as well.
Aphria Inc (TSE:APH, OTCQB:APHQF) shares were up slightly to US$15 by Monday’s close.
READ: Short-sellers are becoming more selective about betting against cannabis stocks, says IHS Markit report
WeedMD Inc (CVE:MD) shares jumped more than 5% to US$1.77.
Shares of CV Sciences Inc rose 1.5% to US$4.73.
CannaRoyalty Corp. (CSE:CRZ) (OTCQX:CNNRF) plans to sell its stake in Wagner Dimas Inc, which develops the technology for large-scale rolling machines, to cannabis investor Australis Capital Inc for C$3mln.
Shares of CannaRoyalty surged nearly 8% to US$5.02.
The North American Marijuana Index, which tracks the top cannabis stocks in the United States and Canada, was up around 2% to US$322.26 Tuesday Morning.
The Horizons Marijuana Life Sciences Exchange Traded Fund, a group of marijuana stocks that trades on the Toronto Stock Exchange, was up more than 4 % at US$23.34.