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<ul class="summary-list"><li><keyword id="10444761" type="UNKNOWN" weightage="60" keywordseo="aphria-stock">Aphria stock</keyword> fell as much as 15% on Monday after reporting sales and operating income that missed analyst forecasts.</li><li>The Canadian cannabis producer turned in revenue of $153.6 million and a $361 million net loss.</li><li>CEO Irwin Simon said, "The duration and impact of lockdowns...were greater than we initially anticipated."</li></ul>Canadian cannabis producer <a href="https://markets.businessinsider.com/stocks/apha-stock">Aphria</a> saw its stock fall as much as 15% on Monday after the company turned in a disappointing fiscal third-quarter earnings report.Aphria said it generated revenue of $153.6 million in the quarter compared to analysts' consensus expectations for $163.3 million. Revenue was up 6.4% year-over-year, but sequentially it fell 4.3%.Adjusted EBITDA came in at $12.7 million in the fiscal third quarter, which was below analyst consensus estimates for $14.9 million.Aphria also turned in a record net loss of $361.0 million, or $1.14 per share, in the fiscal third quarter. The loss was partly due to increasing production costs at the firm.The cash cost to produce dried cannabis per gram rose 13.9% quarter-over-quarter in Aphria's quarterly report and adjusted cannabis gross margin sank to 39.2% vs. 45.9% in the prior quarter.The Leamington, Canada-based company saw its cannabis sales fall to 18,695 kgs in the fiscal third quarter as well, a decrease of 30.1% compared to the fiscal second quarter.The company's CEO Irwin Simon pointed to the impact of lockdowns as his reasoning for the disappointing results. "The duration and impact of lockdowns across many of the regions we operate in, particularly in Canada, were greater than we initially anticipated for the cannabis industry and our business; however, we believe Aphria remains well-positioned with our leading brands and market share to experience a robust increase in our top-line as the market improves." the chief executive officer wrote in a <a href="https://www.prnewswire.com/news-releases/aphria-inc-announces-third-quarter-fiscal-year-2021-results-301266533.html">press release</a>.One bright spot in the fiscal third-quarter report came from SweetWater, a cannabis brewing company Aphria acquired for $300 million in 2020. SweetWater saw sales climb from $0.9 million last quarter to nearly $15 million. Aphria is set to merge with fellow cannabis producer <a href="https://markets.businessinsider.com/stocks/tlry-stock">Tilray</a> to make the largest cannabis company in the world in terms of revenue pending shareholder approval on Wednesday. The combined company has plans to continue its international expansion as the regulatory environment for cannabis producers and retailers continues to improve. Aphria traded down 14.71% as of 11:49 a.m. ET on Monday.<div type="image" title="APHA chart 3" height="672" width="826" msid="82036066" hostid="261"></div>

Aphria sinks 15% after earnings and revenue fall short of estimates in fiscal third-quarter results

<ul><li><keyword id="9789046" type="UNKNOWN" weightage="60" keywordseo="cannabis-stocks">Cannabis stocks</keyword> soared on Wednesday amid new hope for near-term legalization in the US.</li><li>President Biden and Democrats have indicated they aim to decriminalize the drug at the federal level.</li><li>The CEOs of <keyword id="4517399" type="PERSON" weightage="60" keywordseo="tilray">Tilray</keyword> and Canopy Growth said Tuesday they expect legalization in 2021 or early 2022.</li><li><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell?utm_source=markets&amp;utm_medium=ingestgest">Sign up here for our daily newsletter, 10 Things Before the Opening Bell</a>.</li></ul>Cannabis producers surged on Wednesday as firms and investors turned more optimistic toward marijuana legalization in the US.<keyword id="10234870" type="UNKNOWN" weightage="60" keywordseo="pot-stocks">Pot stocks</keyword> have thrived in 2021 as Democrats' control of the government boosts the odds of legalization. President Joe Biden indicated during his campaign he would move to decriminalize the drug. Democrats in Congress have echoed such calls and taken additional steps, pushing for the full legalization of cannabis in the US.The renewed effort to reschedule marijuana has been a major boon for pot producers. While several states have either decriminalized or fully legalized the drug, a change of the federal drug law would open up the rest of the US and rapidly expand the marijuana market.<a href="https://markets.businessinsider.com/stocks/apha-stock">Aphria</a> and <a href="https://markets.businessinsider.com/stocks/tlry-stock">Tilray</a> led the charge, gaining as much as 58% and 36%, respectively. <a href="https://markets.businessinsider.com/stocks/acb-stock">Aurora Cannabis</a> and <a href="https://markets.businessinsider.com/stocks/cron-stock">Cronos</a> climbed 20% and 15%, respectively. <a href="https://markets.businessinsider.com/stocks/cgc-stock">Canopy Growth</a> traded as much as 15% higher.Read more: <a href="https://www.businessinsider.com/cannabis-industry-predictions-from-top-investors-2021-1" target="_blank" rel="noopener">17 top cannabis investors lay out how the spread of legal marijuana will fuel a deal boom and drive investment in the upstart industry</a>The Wednesday rallies extend gains made earlier in the week. Tilray soared on Tuesday after announcing a deal to import and distribute medical cannabis products in the UK. Canopy Growth leaped in the previous session after reporting better-than-expected quarterly figures and moving closer to turning a profit.Several industry CEOs have incorporated US marijuana legalization into their near-term forecasts. Canopy CEO David Klein said in a Tuesday earnings call he expects Biden to decriminalize the drug and allow the firm to enter the US market in 2021.Tilray CEO Brendan Kennedy told Bloomberg TV that federal legalization could be achieved in the next 12 to 18 months.The high-flying stocks have also seen new demand from casual investors. Members of the r/wallstreetbets forum looking for new stocks to bid higher have increasingly touted Aphria, Tilray, and other cannabis producers as strong picks.Federal marijuana legislation still faces an uphill battle. Democrats in Congress are currently focused on passing the president's $1.9 trillion stimulus bill and arguing the case to impeach President Donald Trump for his role in the January 6 Capitol riots. With the coronavirus pandemic continuing to rage across the country and spread massive economic pain, the Biden administration isn't likely to immediately prioritize cannabis legalization.Read more: <a href="https://www.businessinsider.com/stocks-to-buy-26-economic-recovery-low-rates-goldman-sachs-2021-2" target="_blank" rel="noopener">GOLDMAN SACHS: Buy these 26 'best of both worlds' stocks set to soar with economic recovery even if interest rates stay low</a>

Pot stocks rally on renewed hopes for near-term legalization

<ul><li><a href="https://markets.businessinsider.com/stocks/tlry-stock">Tilray</a> soared as much as 27.2% on Wednesday after the firm announced it will merge with <a href="https://markets.businessinsider.com/stocks/apha-stock">Aphria</a> and form the world's biggest cannabis company.</li><li><keyword id="5903315" type="LOCATION" weightage="60" keywordseo="aphria">Aphria</keyword> shareholders will receive 0.8381 shares of Tilray for each Aphria share they hold, according to a <a href="https://ir.tilray.com/news-releases/news-release-details/aphria-and-tilray-combine-create-largest-global-cannabis-company">press release</a>.</li><li>The combined firm will boast a valuation of roughly $3.9 billion, and industry-leading revenue of $685 million over the last 12 months.</li><li>Aphria gained as much as 6.8% on the news.</li><li><a href="https://markets.businessinsider.com/stocks/tlry-stock">Watch Tilray trade live here</a>.</li><li><a href="https://markets.businessinsider.com/stocks/apha-stock">Watch Aphria trade live here</a>.</li></ul><a href="https://markets.businessinsider.com/stocks/tlry-stock">Tilray</a> rallied as much as 27.2% on Wednesday after the company announced plans to merge with <a href="https://markets.businessinsider.com/stocks/apha-stock">Aphria</a> and create the world's biggest marijuana company.The two firms announced Wednesday they agreed to combine as a $3.9 billion firm focused on the global production and distribution of cannabis. Aphria shareholders will receive 0.8381 shares of Tilray for each Aphria share they hold, representing a 23% premium to Tilray's Tuesday closing price.Shares of the combined company will operate under Tilray's name and trade under its ticker on the Nasdaq exchange, according to a <a href="https://ir.tilray.com/news-releases/news-release-details/aphria-and-tilray-combine-create-largest-global-cannabis-company">press release</a>.Read more: <a href="https://www.businessinsider.com/how-to-invest-esg-simple-2021-uk-app-big-exchange-2020-12">Ready to invest in 2021? A new platform backed by investing heavyweights that oversee over $2 trillion cuts through the jargon, demystifies the investing process and aims for positive change - Here's how it works</a>Aphria gained as much as 6.8%. Its shareholders will own 62% of Tilray stock once the deal is completed. The companies characterized the arrangement as a "reverse acquisition of Tilray."The combined company boasts revenue of $685 million over the last 12 months, the highest in the global <keyword id="8758179" type="UNKNOWN" weightage="60" keywordseo="cannabis-industry">cannabis industry</keyword>, according to the press release. Canada alone counted for roughly $232 million of the combined firm's sales. Synergies between the companies are expected to form "a robust platform for future profitability and cash flow" for the merged entity.The deal adds to an already positive end of the year for <keyword id="10234870" type="UNKNOWN" weightage="60" keywordseo="pot-stocks">pot stocks</keyword>. Cannabis producers rallied in November as President-elect Joe Biden's victory sparked hopes for the federal decriminalization of marijuana. New Jersey, Arizona, South Dakota, and Montana legalized marijuana in November as well, further opening up the US market to growing producers.Separately, the House passed a bill to decriminalize cannabis earlier in December in a 228 to 164 vote. The bill is almost certainly set to die in the Republican-controlled Senate, but the outcome of two run-off Senate races in Georgia could swing the odds on the legislation reaching President-elect Biden's desk.Tilray closed at $7.87 on Tuesday, down 50% year-to-date.Aphria closed at $8.12, up 72% year-to-date.Now read more <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> coverage from Markets Insider and Business Insider:<a href="https://www.businessinsider.com/us-manufacturing-output-beats-november-forecasts-auto-production-economic-recovery-2020-12">US manufacturing output beats November estimates as car factories continue to shine through the pandemic</a><a href="https://www.businessinsider.com/fed-fomc-december-meeting-preview-asset-purchase-policy-guidance-jpmorgan-2020-12">The upcoming Fed meeting could shed light on when policymakers will unwind key relief measures</a> <a href="https://www.businessinsider.com/stocks-to-buy-high-dividend-picks-cyclical-recovery-jp-morgan-2020-12">A JPMorgan income fund manager shares 12 high-dividend stocks set to gain from a broad cyclical recovery - and unpacks the strategy he uses to beat 93% of his peers</a><a href="https://markets.businessinsider.com/stocks/tlry-stock"><div type="image" title="TLRY" height="1186" width="1422" msid="79763098" hostid="261"></div></a>

Tilray surges 27% after $4 billion merger with Aphria creates the world's biggest cannabis company

<ul class="summary-list"><li>The “sin stocks” label traditionally refers to <keyword id="6366684" type="UNKNOWN" weightage="60" keywordseo="gambling">gambling</keyword>, alcohol, tobacco, and weapons companies.</li><li><keyword id="4461046" type="PERSON" weightage="60" keywordseo="Sin-stocks">Sin stocks</keyword> are considered <keyword id="597098" type="PERSON" weightage="60" keywordseo="defensive-stocks">defensive stocks</keyword>, meaning they tend to perform well even during an economic downturn.</li><li>Though relatively stable, sin stocks carry some special risks, such as being vulnerable to changes in regulations or taxes. </li></ul>Sin stocks refer to shares of public companies engaged in a business or industry that's considered unethical, immoral, or unsavory. Traditionally, the term's been applied to the weapons, alcohol, gambling, or tobacco sectors. But, with the growth of <keyword id="6617678" type="UNKNOWN" weightage="60" keywordseo="Socially-responsible-investing">socially responsible investing</keyword> and <keyword id="9884660" type="UNKNOWN" weightage="60" keywordseo="ethical-investing">ethical investing</keyword>, sin stocks now often encompass other companies and industries people find objectionable in some way.Some investors shun sin stocks and try to own only investments they consider virtuous or ethical. Other investors favor sin stocks because they tend to perform well in both <a href="https://www.businessinsider.com/what-is-a-bull-market" target="_blank" rel="noopener">bull</a> and bear stock markets, and no matter what <a href="https://www.businessinsider.com/what-is-business-cycle" target="_blank" rel="noopener">phase</a> the economy is in. Let's fall more deeply into sin stocks. <h2>What is a sin stock?</h2>No single standard industry definition exists for sin stocks. But most of the categories could be said to tie into any of the seven deadly sins laid out centuries ago by Pope Gregory I: <ol><li>Pride</li><li>Greed</li><li>Lust</li><li>Envy</li><li>Gluttony</li><li>Wrath</li><li>Sloth</li></ol>It's easy enough to plug most of the sin stock categories into this ancient list: Gluttony could refer to alcohol and <keyword id="2433809" type="PERSON" weightage="60" keywordseo="Tobacco-stocks">tobacco stocks</keyword>, wrath could refer to weapons stocks, and greed could refer to gambling stocks. Adult entertainment companies can also fall under the umbrella of sin stocks, and they fit nicely into the lust category.<h2>Is sin in the eye of the beholder?</h2>Other stocks and sectors can be considered sinful too — depending on your religion, your politics, and your personal moral and ethical values. For example, Islamic investors, following their faith's Shariah law, might shun conventional financial institutions because they charge interest. Shariah principles also prohibit investments in alcohol, tobacco, pork, gambling, media, and pornography and disallow short selling, speculation, and derivatives.Environmentalists might classify oil and coal stocks as sin stocks, considering the companies behind them to be "polluters." Vegans might consider shares of any company that raises animals, sells animal products, or tests on animals to be a sin stock. Some analysts even make a solid argument for Netflix as a sin stock: to binge-watch a show is to indulge in sloth. And if alcohol is sinful, maybe marijuana is, too, if it's being used for recreational and not medicinal purposes. The stock of a company that produces opiates could be considered a sin stock because of all the people who have died or become addicted — though of course, these drugs have enormous benefits too. Even the generally agreed-upon categories can be open to debate. What one person calls a weapons company (unethical) another person might deem a defense company (ethical). Such is the double-edged sword of trying to define what makes a stock sinful.<h2>Sin stock categories and companies</h2>A variety of corporations could be called sin players. The categories include the traditional Big Four of the sin stock sector, along with some newer but commonly cited fields. <ul><li>Alcohol: Anheuser-Busch InBev (BUD), Molson Coors Brewing Company (MCBC), Boston Beer Company (SAM), Constellation Brands (STZ), Diageo (DGEAF), Brown-Forman (BF)</li><li>Defense/Weapons: Boeing (BA), Northrup Gruman (NOC), Aerojet Rocketdyne (AJRD), Raytheon (RTX), Lockheed Martin (LMT), American Outdoor Brands (AOBC), Olin (OLN), Vista Outdoor (VSTO), Sturm, Ruger (RGR)</li><li>Tobacco: Altria (MO), British American Tobacco (BTAFF), Philip Morris (PM)</li><li>Gambling/Adult Entertainment: Las Vegas Sands (LVS), MGM Resorts (MGM), Wynn Resorts (WYNN), Penn National Gaming (PENN), Caesars Entertainment (CZR), Boyd Gaming (BYD), Scientific Games (SGMS), DraftKings (DKNG), RCI Hospitality Holdings (RICK)</li><li>Marijuana/Cannabis: Cronos (CRON), Canopy Growth (CGC), Aurora Cannabis (ACB), Aphria (APHA), Tilray (TLRY), GrowGeneration (GRWG)</li><li>Corrections/Prisons: CoreCivic (CXW), The GEO Group (GEO)</li><li>Payday Lenders: World Acceptance Corp. (WRLD), Enova International (ENVA)</li><li>Energy: Energy Transfer LP (ETP), ExxonMobil (XOM), Kinder Morgan (KMI)</li><li>Meat: Hormel Foods (HRL), Sanderson Farms (SAFM), Tyson Foods (TSN)</li><li>Snacks/Junk Food: Coca-Cola (KO), Mondelez International (MDLZ), Hershey (HSY), PepsiCo (PEP), McDonald's (MCD)</li></ul><h2>What makes sin stocks enticing?</h2>You don't invest in sin stocks just for the thrill of being naughty. Owning them can be an attractive financial strategy. <h3>They're steady performers</h3>Sin stocks are considered "defensive" stocks, meaning they tend to perform well even during an economic downturn or <a href="https://www.businessinsider.com/what-is-a-recession" target="_blank" rel="noopener">recession</a>. People who regularly smoke, drink, or gamble don't stop doing these things when times are bad, whether because they're physically addicted or because they enjoy these activities as a way to escape and unwind, however un healthfully. And of course, they might indulge even more when times are good. <h3>They're cash cows</h3>As a result, sin stocks are known for their stable earnings and income streams. Many companies in sin industries are well-established, have sound financials, and have consistently paid dividends for years. <h3>They've got little competition</h3>The goods and services that sinful companies produce tend to be highly subject to law. Potential competitors may be loath to enter such enterprises, creating more room for the existing players.Even sin stocks' negative connotations can work to their advantage. Certain institutional investors — especially those handling funds for religious or academic groups — often shy away from notorious or controversial businesses. That can lead to a particular sin stock being undervalued and a good bargain.<h2>What are the downsides of sin stocks?</h2>Even if you have no moral or ethical qualms about investing in sin stocks, you should consider their potential financial drawbacks before adding them to your portfolio.<h3>There's high regulatory risk</h3>All companies' fortunes can be contingent on laws, but regulatory risk is a particular concern with sin stocks. Marijuana might become legal at the federal level, but what happens if, instead, U.S. states reverse the legality of medical or recreational marijuana? Defense spending and gun control regulations can change depending on who rules a country, international relations, and terrorist activity.<h3>Taxes can be a problem</h3>All companies have to deal with taxation, but sin stocks often have a fiscal target on their backs. Regulators and voters could decide to increase taxes on the "sinful" items these companies produce; they're often the go-to source when states need money. Higher taxes could reduce demand, dampen profits, and push stock prices down.<h3>Consumer habits can change</h3>You'll also want to consider the effect of changing consumer tastes, like declining alcohol and tobacco consumption. Black swan events can force habits to change, such as a pandemic shutting down casinos and the sporting events people like to bet on.Finally, devoting too much of your portfolio to a single industry or company is always risky, no matter whether that company produces organic vegetables or nuclear warheads.<h2>How to invest in sin stocks </h2>The unique consideration for sin stocks is whether you oppose the product or service a company manufactures or purveyors. Otherwise, whether you should invest in sin stocks boils down to the same questions you would ask yourself with any investment: <ul><li>What is the unique benefit of putting my money in this investment versus a different investment? </li><li>Is the potential reward high enough to choose this investment over the alternatives?</li><li>How does this investment fit into my portfolio and my overall investment strategy?</li><li>How much money do I stand to lose? Can I afford that loss?</li></ul>Of course, as with any investment, you'll have to do the research on any possible sin stock you're considering to make sure the conventional wisdom about it holds true.<h2>The financial takeaway</h2>In a sense, the decision to invest in stocks question touches on the general issue of socially responsible and ethical investing — and whether you feel that your principles should influence your principal.Some investors' attitude toward sin stocks is that it's up to individuals to decide whether they want to smoke, drink, or gamble, despite the risks. Other investors think that the companies producing these products are at least partly to blame for individuals' consumption, especially when that consumption becomes addictive and products are engineered to be addictive. It's up to you whether to base your investment decisions purely on financial considerations or whether to let the ethical questions inform your choices. <h2>Related Coverage in <a href="https://www.businessinsider.com/investing-reference" target="_blank" rel="noopener">Investing</a>:</h2><h3><a href="https://www.businessinsider.com/personal-finance/why-invest-stock-market" target="_blank" rel="noopener">Why invest in the stock market? Because it can be more dangerous not to</a></h3><h3><a href="https://www.businessinsider.com/personal-finance/how-to-invest-in-stocks-beginners-guide" target="_blank" rel="noopener">How to invest in stocks, even if you're starting from scratch</a></h3><h3><a href="https://www.businessinsider.com/online-poker-casino-games-business-triple-as-casinos-close-2020-8" target="_blank" rel="noopener">Online poker and casino games have tripled their revenue from last year as real-world casinos shut their doors</a></h3><h3><a href="https://www.businessinsider.com/us-cannabis-execs-say-industry-is-heading-for-a-turnaround-2020-9" target="_blank" rel="noopener">Insider Cannabis: US cannabis execs say the industry is heading for a turnaround — Compass Pathways going public — Cannabis users prefer regular old weed</a></h3><h3><a href="https://www.businessinsider.com/pentagon-upholds-microsoft-jedi-contract-amazon-lawsuit-2020-9" target="_blank" rel="noopener">In a blow to Amazon, the Pentagon has upheld its $10 billion JEDI contract with Microsoft</a></h3>

Sin stocks are shares in companies whose business can be considered unethical — here's why they're so enticing and the major players

<div class="KonaFilter image-container display-table"><div><div class="image on-image">AP Photo/Richard VogelA budtender weighs out marijuana for a customers at ShowGrow, a medical marijuana dispensary in downtown Los Angeles.</div></div></div><ul class="summary-list"><li>Americans went to the polls Tuesday, with two states voting on legalizing recreational marijuana and another two more deciding the fate of medical marijuana.</li><li>Weed stocks are gaining around on Tuesday.</li><li>So far in the US, 10 states allow recreational marijuana and 32 states allow medical marijuana, but marijuana is not allowed at a federal level.</li><li>In October, Canada became the second country after Uruguay to legalize the recreational use of marijuana.</li></ul>Weed stocks were surging Tuesday as Americans in four states will determine the fate of marijuana use at a state level.Voters in Michigan and North Dakota are considering the full recreational use of marijuana for individuals over the age of 21. Meanwhile, citizens in Missouri and Utah are voting for medical use of marijuana.As a result, weed stocks were rising across the board. Here's the scoreboard at 10:09 a.m. ET:<ul><li>Cronos Group (<a href="https://markets.businessinsider.com/stocks/cron-stock">CRON</a>): +4.79%</li><li>Canopy Growth (<a href="https://markets.businessinsider.com/stocks/cgc-stock">CGC</a>): 3.62%</li><li>Tilray (<a href="https://markets.businessinsider.com/stocks/tlry-stock">TLRY</a>): +1.94%</li><li>Aphria (<a href="https://markets.businessinsider.com/stocks/apha-stock">APHA</a>): +1.84%</li><li>Aurora Cannabis (<a href="https://markets.businessinsider.com/stocks/acb-stock">ACB</a>): +0.95%</li></ul>High-flying cannabis stocks have caught the attention of both Main Street and Wall Street this year. In October, Canada became the second country after Uruguay to legalize the recreational use of marijuana. At the time, Jon Trauben, managing partner at the cannabis-focused Altitude Investment Management, <a href="https://markets.businessinsider.com/news/stocks/weed-stocks-aurora-cannabis-ahead-of-new-york-stock-exchange-debut-2018-10-1027639733">said</a>, "We believe that the legalization in Canada offers a road map to invest in the companies that will form the basis of the legal cannabis industry in the coming years." In the two months before Canada's recreational legalization, the biggest cannabis stocks all more than doubled in value. But after the legalization, they've <a href="https://markets.businessinsider.com/news/stocks/weed-stocks-canada-legalizes-marijuana-2018-10-1027625023">been hard hit</a>.While marijuana is not allowed at the federal level in the US, some states have already opened the door for the market. This year, Vermont became the 10th state to allow the sale and full use of marijuana. Medical marijuana is allowed in 32 states so far. <h2>Read more stories on weed stocks:</h2><ul><li><a href="https://www.businessinsider.com/study-monsanto-chemical-cheerios-quaker-oats-2018-10">The weed-killing chemical involved in a Monsanto lawsuit was found in Cheerios and Quaker Oats products. Here's how worried you should be.</a></li><li><a href="https://www.businessinsider.com/td-ameritrade-weed-stocks-volatility-investing-advice-from-tim-hockey-2018-10?r=markets-insider">The CEO of a $1.3 trillion brokerage warns buyers to beware weed stocks and explains how the market's recent turbulence is good for business</a></li><li><a href="https://markets.businessinsider.com/news/stocks/weed-stocks-canada-legalizes-marijuana-2018-10-1027625023">Weed stocks are tumbling as Canada becomes the 2nd country to legalize marijuana</a></li></ul> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/einstein-reveals-manipulate-time-2016-3">This mind-melting thought experiment of Einstein's reveals how to manipulate time</a></h3> <div> </div> </div>

Weed stocks are surging as 2 states vote on legalizing marijuana

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Mark Blinch/ReutersA man lights a marijuana joint at Dundas Square in Toronto April 20, 2007. Marijuana smokers gather on April 20 every year to publicly push for its legalization</div></div></div><ul class="summary-list"><li>The Canadian cannabis producer <a href="https://markets.businessinsider.com/stocks/aphria-stock">Aphria</a> debuted on the New York Stock Exchange on Friday.</li><li>Shares trade under the ticker "APHA."</li><li>The stock was little changed in early action.</li><li><a href="https://markets.businessinsider.com/stocks/aphria-stock">Watch Aphria trade live</a>.</li></ul>Weed stocks were mostly higher Friday after the Canadian cannabis producer <a href="https://markets.businessinsider.com/stocks/aphria-stock">Aphria</a> debuted for trading on the New York Stock Exchange. Aphria, which trades under the ticker "APHA," opened for trading at $11.75 a share, and was little changed in the first hour of action. Peers <a href="https://markets.businessinsider.com/stocks/acb-stock">Aurora Cannabis</a> (+2.38%), Canopy Growth (+0.41%), Cronos (+2.6%) were higher at 11:11 a.m. ET while Tilray (-1.84%) was the lone decliner.Cannabis stocks have been hit hard in recent weeks as traders dumped shares in the aftermath of <a href="https://www.businessinsider.com/canada-legal-marijuana-sales-start-on-october-17-2018-10">Canada becoming the second country to legalize the drug</a>. For instance, the ETFMG Alternative Harvest Exchange Traded Fund - which tracks companies likely to benefit from the increasing global acceptance of cannabis and trades under the ticker "MJ" - plunged as much as 31% in the two weeks following Canada's legalization. Still, it has been a banner year for the industry. Back in August, Constellation Brands, the beverage maker behind Corona beer and Svedka vodka, announced it was <a href="https://markets.businessinsider.com/news/stocks/canopy-growth-stock-price-constellation-brands-investment-2018-8-1027460909">investing $4 billion in the cannabis producer Canopy Growth</a>. That sparked a "green rush" that sent shares of the biggest names skyrocketing to eye-popping valuations, with Canopy reaching $13 billion and Tilray hitting $20 billion. <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/why-you-shouldnt-be-afraid-to-fly-2016-10">Why you shouldn't be afraid to fly, according to a pilot with over 20 years of experience </a></h3> <div> </div> </div>

The cannabis producer Aphria debuts on the New York Stock Exchange

<ul><li>On Friday before the bell, <a href="https://markets.businessinsider.com/stocks/cgc-stock">Canopy Growth Corp</a>. reported fiscal third quarter 2020 earnings that beat analyst expectations. </li><li>Shares of Canopy Growth gained as much as 22% Friday. </li><li>Shares of other cannabis company stocks also rose, and the Horizons Marijuana Life Sciences Index ETF gained as much as 8%. </li><li><a href="https://markets.businessinsider.com/stocks/cgc-stock">Watch Canopy Growth trade live on Markets Insider. </a></li><li><a href="https://www.businessinsider.com/">Read more on Business Insider. </a></li></ul>Pot stocks are flying high Friday after <a href="https://markets.businessinsider.com/stocks/cgc-stock">Canopy Growth Corp.'s</a> fiscal third quarter 2020 earnings report beat Wall Street expectations. Shares of Canopy Growth surged as much as 22% Friday following the company's better-than-expected earnings report for the quarter ended December 31. The Canadian Canopy Growth is the largest cannabis company in the world by market value. Here are the main numbers in Canadian dollars: <ul><li>Adjusted Ebitda loss: C$91.7 million reported, versus C$110 million (expected)</li><li>Adjusted loss per share: C$0.35 reported, versus C$0.45 (expected) </li><li>Revenue: C$123.8 million reported, versus C$105.4 million (expected) </li></ul>Canopy Growth's revenue surged 62% from the previous quarter, and cannabis gross revenue rose 8%. The company also took measures in the third quarter to cut its operating expenses and boost gross margin to 34%, up from negative 13% one quarter earlier. "In Q3 we executed across Canada, in our international markets and in our strategic acquisitions to drive revenue growth," Canopy's new <a href="https://www.businessinsider.com/constellation-brands-cfo-david-klein-becomes-canopy-growth-ceo-2019-12">CEO David Klein</a> said <a href="https://www.canopygrowth.com/wp-content/uploads/2020/02/200213-CGC-Press-Release-Quarterly-DC-v1.pdf">in a press release</a>. "We have a lot of work to do. We are eager to capitalize on the opportunity to create an unassailable position through a tight focus on the consumer and on critical markets." In the third quarter, Canopy Growth maintained its leading 22% market share in retail, and continued to see gains in the number of patients in the Canadian medical cannabis market, the company said. The company delivered "significant" gross improvement in the quarter, driven by stronger revenues and higher capacity utilization, according to Chief Financial Officer Mike Lee. "Actions taken earlier this year are expected to meaningfully reduce stock-based compensation in FY21, and we have started to implement tighter cost controls across the organization," Lee said, adding, "we plan to take further steps to reduce our costs and right-size our business to ensure that we can generate a healthy margin profile and cash generation in the coming years."Rival pot stocks surged following Canopy's solid report, which was a stark contrast to <a href="https://markets.businessinsider.com/news/stocks/aurora-cannabis-stock-price-analysts-saying-commentary-ceo-retire-jobs-2020-2-1028886059">Aurora Cannabis'</a> earnings release Thursday after the bell, when the <a href="https://www.marketwatch.com/story/aurora-cannabis-shares-rise-after-an-earnings-report-that-was-mostly-expected-2020-02-13">company reported a nearly $1 billion loss</a>. The gains sent the <a href="https://www.horizonsetfs.com/hmmj">Horizons Marijuana Life Sciences Index ETF</a> as much as 8% higher Friday. Here's how much each cannabis company stock gained Friday: <ul><li><a href="https://markets.businessinsider.com/stocks/tlry-stock">Tilray (TLRY):</a>+ as much as 11%.</li><li><a href="https://markets.businessinsider.com/stocks/cron-stock">Cronos (CRON):</a> + as much as 10%.</li><li><a href="https://markets.businessinsider.com/stocks/apha-stock">Aphria (APHA):</a> + as much as 9%.</li><li><a href="https://markets.businessinsider.com/stocks/ctst-stock">CannTrust (CTST):</a> + as much as 9%.</li><li><a href="https://markets.businessinsider.com/stocks/acb-stock?utm_source=msn.com&amp;utm_medium=referral&amp;utm_content=msn-slideshow&amp;utm_campaign=bodyurl">Aurora Cannabis (ACB):</a> + as much as 7%.</li></ul>Canopy Growth has shed <a href="https://markets.businessinsider.com/stocks/cgc-stock">about 7% year-to-date through Thursday's close.</a><a href="https://markets.businessinsider.com/stocks/cgc-stock"></a>

Canopy Growth spikes 22% after beating earnings expectations, and now other pot stocks are surging as well

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Thomson ReutersMarijuana for sale at the MedMen store in West Hollywood, California.</div></div></div><ul class="summary-list"><li>Voters in Tuesday's midterm elections made Michigan the 10th US state to legalize the recreational use of marijuana.</li><li>Utah and Missouri legalized the medical use of marijuana.</li><li><a href="https://www.businessinsider.com/category/weed-stocks">Weed stocks</a> were rallying across the board Wednesday.</li><li>Watch <a href="https://markets.businessinsider.com/stocks/acb-stock?utm_source=markets&amp;utm_medium=ingest">Aurora Cannabis</a>, <a href="https://markets.businessinsider.com/stocks/apha-stock?utm_source=markets&amp;utm_medium=ingest">Aphria</a>, <a href="https://markets.businessinsider.com/stocks/cgc-stock?utm_source=markets&amp;utm_medium=ingest">Canopy Growth</a>, <a href="https://markets.businessinsider.com/stocks/cron-stock?utm_source=markets&amp;utm_medium=ingest">Cronos Group</a>, and <a href="https://markets.businessinsider.com/stocks/tlry-stock?utm_source=markets&amp;utm_medium=ingest">Tilray</a> trade live.</li></ul>Weed stocks were gaining ground early Wednesday after <a href="https://www.businessinsider.com/legal-marijuana-states-2018-1">Michigan became the 10th US state to legalize marijuana</a> for recreational use. Voters rejected <a href="https://www.businessinsider.com/r-north-dakota-voters-set-to-reject-marijuana-legalization-measure-2018-11?r=UK&amp;IR=T">a similar measure in North Dakota</a>, while the legalization for medical use passed in both Utah and Missouri.Following the results, cannabis producers were rising across the board. Here's a look at the premarket scoreboard at 7:15 a.m. ET on Wednesday:<ul><li><a href="https://markets.businessinsider.com/stocks/tlry-stock?utm_source=markets&amp;utm_medium=ingest">Tilray</a> (TLRY): +7.04%</li><li><a href="https://markets.businessinsider.com/stocks/apha-stock?utm_source=markets&amp;utm_medium=ingest">Aphria</a> (APHA): +5.12%</li><li><a href="https://markets.businessinsider.com/stocks/cron-stock?utm_source=markets&amp;utm_medium=ingest">Cronos Group</a> (CRON): +4.23%</li><li><a href="https://markets.businessinsider.com/stocks/acb-stock?utm_source=markets&amp;utm_medium=ingest">Aurora Cannabis</a> (ACB): +3.8%</li><li><a href="https://markets.businessinsider.com/stocks/cgc-stock?utm_source=markets&amp;utm_medium=ingest">Canopy Growth</a> (CGC): +3.56%</li></ul>Cannabis stocks have captured the attention of both Main Street and Wall Street this year. In August, Constellation Brands, the maker of Corona beer and Svedka vodka, announced a <a href="https://markets.businessinsider.com/news/stocks/canopy-growth-stock-price-constellation-brands-investment-2018-8-1027460909?utm_source=markets&amp;utm_medium=ingest">$4 billion investment in Canopy Growth</a>. That led to a "green rush" into the sector, with market values of the biggest names more than doubling.Last month, <a href="https://www.businessinsider.com/canada-legal-marijuana-sales-start-on-october-17-2018-10?utm_source=markets&amp;utm_medium=ingest">Canada became the second country to legalize marijuana</a> for recreational use, <a href="https://markets.businessinsider.com/news/stocks/weed-stocks-canada-legalizes-marijuana-2018-10-1027625023?utm_source=markets&amp;utm_medium=ingest">putting a top in shares</a>. But the future remains bright for the sector."We believe that the legalization in Canada offers a road map to invest in the companies that will form the basis of the legal cannabis industry in the coming years," Jon Trauben, a managing partner at the cannabis-focused Altitude Investment Management, <a href="https://markets.businessinsider.com/news/stocks/weed-stocks-aurora-cannabis-ahead-of-new-york-stock-exchange-debut-2018-10-1027639733?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">said</a>. <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/why-you-shouldnt-be-afraid-to-fly-2016-10">Why you shouldn't be afraid to fly, according to a pilot with over 20 years of experience </a></h3> <div> </div> </div>

Weed stocks are rallying after Michigan legalizes marijuana for recreational use

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Canopy Growth</div></div></div><ul class="summary-list"><li>Former Attorney General Jeff Sessions, a staunch opponent of legal weed, resigned on Wednesday.</li><li>President Donald Trump is reportedly considering other marijuana opponents to fill in the position. </li><li>Weed stocks rallied on Wednesday after Sessions resignation, but got hit on Thursday as Sessions departure optimism wanes.</li><li>Watch <a href="https://markets.businessinsider.com/stocks/cron-stock?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">CRON,</a> <a href="https://markets.businessinsider.com/stocks/cgc-stock?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">CGC,</a> <a href="https://markets.businessinsider.com/stocks/tlry-stock?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">TLRY, </a><a href="https://markets.businessinsider.com/stocks/apha-stock?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">APHA</a>, <a href="https://markets.businessinsider.com/stocks/acb-stock?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">ACB</a> trade in real time here</li></ul>Weed stocks were sliding from their post-election peaks Thursday as worries surfaced that the successor to former Attorney General Jeff Sessions could also be against legal marijuana. Pot stocks rallied on Wednesday, with Tilray surging more than 30%, after Michigan became the 10th US state to legalize marijuana and as Jeff Sessions, a long-term opponent of legal weed, <a href="https://www.businessinsider.com/jeff-sessions-resigns-attorney-general-trump-request-2018-11?utm_source=markets&amp;utm_medium=ingest">resigned as the US's attorney general</a>. In January, Sessions <a href="https://www.businessinsider.com/sessions-crackdown-on-cannabis-cole-memo-legal-marijuana-industry-2018-1?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">rescinded an Obama-era policy</a> directing states to make their own decisions on cannabis without federal.While Sessions' resignation has brought optimism for legal-marijuana advocates, Trump is reportedly considering other opponents to replace him."There is a risk that Trump will nominate a new Attorney General who is anti-cannabis," Cowen analyst Jaret Seiberg wrote in a note. "It is why we continue to see legislation as the path forward for medical use, veteran access, and banking services."CBS reported that the president is considering former New Jersey Gov. <a href="https://www.businessinsider.com/chris-christie-considered-for-jeff-sessions-replacement-attorney-general-2018-11?utm_source=feedburner&amp;utm_medium=feed&amp;utm_campaign=Feed%3A+businessinsider%2Fpolitics+%28Business+Insider+-+Politix%29">Chris Christie</a>, who is also opposed to legalizing marijuana, to fill the position. The Wall Street Journal says that Health and Human Services Secretary <a href="https://www.wsj.com/articles/leading-candidates-to-replace-jeff-sessions-as-attorney-general-1541636592">Alex Azar</a>, outgoing Florida Attorney General Pam Bondi, and Trump lawyer Rudy Giuliani are also on the list. In March, <a href="https://www.wsj.com/articles/leading-candidates-to-replace-jeff-sessions-as-attorney-general-1541636592">Azar</a> came out against using cannabis for medical purposes, saying there's "<a href="https://www.daytondailynews.com/news/local/such-thing-medical-marijuana-health-secretary-says-dayton/La8dTJgu6nF3ojSc1z6yPO/">n</a><a href="https://www.daytondailynews.com/news/local/such-thing-medical-marijuana-health-secretary-says-dayton/La8dTJgu6nF3ojSc1z6yPO/">o such thing as medical marijuana</a>." And in August, Bondi filed a<a href="https://www.orlandoweekly.com/Blogs/archives/2018/08/07/pam-bondi-doesnt-want-us-to-smoke-weed"> </a><a href="https://www.orlandoweekly.com/Blogs/archives/2018/08/07/pam-bondi-doesnt-want-us-to-smoke-weed">57-page document</a> supporting Florida's ban on smokable medical marijuana. Similarly, Giuliani has said marijuana "<a href="http://fortune.com/2014/05/30/giuliani-to-investors-horses-and-unions-good-marijuana-and-china-bad/">can deteriorate your brain.</a>"As a result, cannabis stocks are getting hit across the board: Here's the scoreboard at 12:19 p.m. ET:<ul><li><a href="https://markets.businessinsider.com/stocks/tlry-stock?utm_source=markets&amp;utm_medium=ingest">Tilray</a> (TLRY): -11.10%</li><li><a href="https://markets.businessinsider.com/stocks/cron-stock?utm_source=markets&amp;utm_medium=ingest">Cronos Group</a> (CRON): -4.99%</li><li><a href="https://markets.businessinsider.com/stocks/cgc-stock?utm_source=markets&amp;utm_medium=ingest">Canopy Growth</a> (CGC): -3.99%</li><li><a href="https://markets.businessinsider.com/stocks/acb-stock?utm_source=markets&amp;utm_medium=ingest">Aurora Cannabis</a> (ACB): -3.49%</li><li><a href="https://markets.businessinsider.com/stocks/apha-stock?utm_source=markets&amp;utm_medium=ingest">Aphria</a> (APHA): -2.42%</li></ul><h2>Now read:</h2><ul><li><a href="https://markets.businessinsider.com/news/stocks/weed-stocks-tilray-stock-price-jeff-sessions-resigns-attorney-general-2018-11-1027703643?utm_source=markets&amp;utm_medium=ingest">The cannabis producer Tilray is going bananas after Jeff Sessions resigns as attorney general</a></li><li><a href="https://markets.businessinsider.com/news/stocks/weed-stocks-michigan-legalizes-marijuana-recreational-use-2018-11-1027701716?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Weed stocks are rallying after Michigan legalizes marijuana for recreational use</a></li><li><a href="https://markets.businessinsider.com/news/stocks/weed-legalization-next-4-states-analyst-2018-11-1027703318?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">ANALYST: These are the next 4 states to legalize marijuana</a></li></ul> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/places-on-google-maps-you-cant-see-2016-11">7 places you can't find on Google Maps</a></h3> <div> </div> </div>

Weed stocks are getting slammed as worries surface that the new attorney general could be against legal marijuana

Welcome to Finance Insider, Business Insider's summary of the top stories of the past 24 hours. Sign up here to <a href="http://e.businessinsider.com/join/ci/finance-insider-social-first&amp;hash=36afac95fa844948a9f363295d512fca">get the best of Business Insider delivered direct to your inbox.</a>It's foolish for investors to try to time the next recession - here's a surefire 3-part strategy UBS says can thrive in any environmentWhen investors look back on 2018, they'll most likely think of it as the year when there was <a href="https://www.businessinsider.com/stock-market-crash-markets-behaving-in-rare-fashion-signaling-more-pain-2018-10" target="_blank" rel="noopener">nowhere to hide</a>.US equities are headed for their worst year in a decade, while international <a href="https://www.businessinsider.com/stock-market-hedging-shift-will-change-how-equities-trade-in-2019-2018-12" target="_blank" rel="noopener">stocks</a> and <a href="https://www.businessinsider.com/credit-risk-commonwealth-cio-brad-mcmillan-says-traders-are-ignoring-it-2018-10" target="_blank" rel="noopener">bonds</a> are also on pace to finish negative for 2018. That widespread weakness has, in turn, dragged down the performance of balanced portfolios whose diversification is supposed to insulate them from difficult markets.And unfortunately for investors seeking returns anywhere they can find them, <a href="https://www.businessinsider.com/next-recession-investment-strategy-for-any-environment-ubs-2018-12">it's anyone's guess how 2019 will unfold.</a>Michael Crook, the head of Americas investment strategy at <a href="https://markets.businessinsider.com/stocks/ubs-stock" target="_blank" rel="noopener">UBS</a>, could see stock performance going either way. On one hand, he notes that the combination of recent selling and strong expected <a href="https://www.businessinsider.com/goldman-sachs-14-stocks-to-buy-to-combat-trumps-trade-war-2018-10" target="_blank" rel="noopener">earnings growth</a> makes equity valuations attractive. But on the other, he recognizes that a <a href="https://www.businessinsider.com/how-the-bull-market-will-end-chris-hyzy-bofaml-explains-what-needs-to-happen-2018-11" target="_blank" rel="noopener">bear market</a> could strike "some time in the near future."What Crook does know for sure is that it's a fool's errand to try to perfectly time an economic recession and whatever market pullback accompanies it. And, by that same logic, he says it's inadvisable to ignore mounting external pressure in favor of seemingly strong fundamentals.<a href="https://www.businessinsider.com/next-recession-investment-strategy-for-any-environment-ubs-2018-12">So what's the solution? Crook says investors should consider UBS' so-called 3L strategy.</a>Famous short seller Andrew Left says the marijuana producer that was recently hit by short sellers is primed to be taken over by DiageoFamous short seller Andrew Left is <a href="https://www.businessinsider.com/marijuana-stocks-andrew-left-citron-bullish-on-aphria-despite-short-report-2018-12">going long on a marijuana stock that was recently targeted by short sellers.</a>Left's firm, Citron Research, on Tuesday afternoon released <a href="https://citronresearch.com/wp-content/uploads/2018/12/Everything-Has-Changed-The-Big-5-Canadian-Cannabis-Companies-Have-Achieved-Platform-Status.pdf">a bullish report</a> on the Canadian marijuana producer Aphria."Expect an <a href="https://twitter.com/search?q=%24APHA&amp;src=ctag">$APHA</a> major partnership or total buyout SOON," Citron tweeted on Tuesday, touting the report.Citron's report says Aphria's stock, now trading around $5.93, will go north of $8 by year-end. Perhaps more impactful, Citron says Aphria could be an acquisition target for a major consumer packaged goods company - or even another marijuana producer.Facebook slides after acknowledging it gave Netflix and Spotify access to user messages<a href="https://markets.businessinsider.com/stocks/fb-stock?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Facebook</a> shares were lower Wednesday, down 2.05% at $140.73 a share, after the company said that other companies, namely Netflix and Spotify, were <a href="https://www.businessinsider.com/facebook-allowed-netflix-and-spotify-to-access-private-messages-2018-12?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">able to access user messages</a>."Did partners get access to messages? Yes," the company wrote in a <a href="https://newsroom.fb.com/news/2018/12/facebooks-partners/" target="_blank" rel="noopener">blog post</a>."But people had to explicitly sign in to Facebook first to use a partner's messaging feature. Take Spotify for example. After signing in to your Facebook account in Spotify's desktop app, you could then send and receive messages without ever leaving the app. Our API provided partners with access to the person's messages in order to power this type of feature."<a href="https://markets.businessinsider.com/news/stocks/facebook-stock-slides-netflix-spotify-access-user-messages-2018-12-1027822541">Wednesday's selling comes after shares had a rally off their November lows, gaining as much as 16%. </a>In markets news<ul><li><a href="https://www.businessinsider.com/how-the-fed-raises-interest-rates-2017-12" data-analytics-position="1">Here's how the Fed raises interest rates and why it matters</a></li></ul> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/bernie-bernard-madoff-life-prison-2017-5">Bernie Madoff was arrested 10 years ago today - here's what his life is like in prison</a></h3> <div> </div> </div>

What you need to know on Wall Street today

<div class="KonaFilter image-container display-table"><div><div class="image on-image">REUTERS/Chris HelgrenAphria CEO Vic Neufeld poses near a wall covering of a marijuana leaf at a party the day before Canada's legalization of recreational cannabis in Toronto, Ontario, Canada October 16, 2018.</div></div></div><ul class="summary-list"><li>Short seller Andrew Left's firm Citron Research on Tuesday afternoon released a bullish report on Canadian <a href="https://www.businessinsider.com/category/marijuana">marijuana</a> producer Aphria. </li><li>Aphria was <a href="https://markets.businessinsider.com/news/stocks/weed-stocks-research-firm-calls-aphria-shell-game-2018-12-1027776236">recently targeted by short sellers</a> who called three recent Latin America acquisitions the NYSE-listed marijuana producer made "largely worthless." The shorts predicted Aphria's stock would sink to $0. </li><li>Citron said Aphria could be a takeover target as big consumer companies look for ways to play the booming marijuana industry. </li></ul>How the tables have turned: famous short seller Andrew Left is going long on a marijuana stock that was recently targeted by short sellers.Left's firm, Citron Research, on Tuesday afternoon released <a href="https://citronresearch.com/wp-content/uploads/2018/12/Everything-Has-Changed-The-Big-5-Canadian-Cannabis-Companies-Have-Achieved-Platform-Status.pdf">a bullish report</a> on the Canadian marijuana producer Aphria."Expect an <a href="https://twitter.com/search?q=%24APHA&amp;src=ctag" data-query-source="cashtag_click">$APHA</a> major partnership or total buyout SOON," Citron tweeted on Tuesday, touting the report. Citron's report says Aphria's stock, now trading around $5.93, will go north of $8 by year-end. Perhaps more impactful, Citron says Aphria could be an acquisition target for a major consumer packaged goods company - or even another marijuana producer. Shares of Aprhia rose 8% on the Ciron report. A spokesperson for Aphria couldn't be reached for comment.<h2>Why Aphria could be a <keyword id="46801" type="COMPANY" weightage="60" keywordseo="prime">prime</keyword> acquisition target </h2>Large consumer companies companies are both a) interested in gaining exposure to the booming marijuana industry, and b) see publicly traded Canadian marijuana growers, as the safest way to play, according to Citron's note. <a href="https://www.businessinsider.com/canada-legal-marijuana-sales-start-on-october-17-2018-10">Canada legalized marijuana federally on October 17</a>, while the US government considers marijuana an illegal, Schedule I drug. That means no large corporations will invest in or acquire any marijuana companies that sell THC-containing products in the US, fearing federal regulators. Read more: <a href="https://www.businessinsider.com/law-firms-building-out-cannabis-practices-2018-11">Big law firms are building out specialized pot practices to chase down a red-hot market for weed deals</a>Large consumer packaged goods companies are already dabbling in cannabis. Constellation Brands - the third largest beer company in the US - in August <a href="https://www.businessinsider.com/constellation-ceo-the-legal-marijuana-market-is-going-to-be-explosive-2018-10">paid $4 billion in August for a 38% stake of Canopy Growth</a>. Earlier this month Altria - the tobacco maker behind Marlboro - <a href="https://markets.businessinsider.com/news/stocks/weed-stocks-marlboro-maker-altria-cronos-18-billion-investment-2018-12-1027790493">announced its intent to sink $1.8 billion into Cronos Group</a>, a move that <a href="https://www.businessinsider.com/altria-cronos-deal-what-wall-street-is-saying-2018-12">most Wall Street analysts cheered</a> as bringing further legitimacy to the nascent marijuana sector. Aphria has an existing partnership with Southern Glazer, a spirit and wine distributor, that some bigger alcohol companies could see as a sort of litmus test."If one of the larger beverage companies wants to see how cannabis might play out on a global recreational level, this one particular partnership might be worth the value of the whole company," the Citron report said. <div class="KonaFilter image-container display-table"><div><div class="image on-image">AP Photo/Ted S. WarrenCPG companies are sniffing around the marijuana industry for takeover targets.</div></div></div><h2>Could it be Diageo - or could it be Tilray?</h2>As for who would make a play for Aphria, Citron has some interesting theories. One leading hypothesis: Diageo is on the prowl for a cannabis play. A former Diageo exec, Jakob Ripshtein, is now Aphria's president.Diageo's chairman, Javian Ferran, has also stated he's keeping a close eye on the cannabis industry, per <a href="https://www.bloomberg.com/news/articles/2018-11-13/cannabis-industry-is-facing-a-shakeout-aphria-president-says">Bloomberg</a>.Another hypothesis: a larger competitor could scoop up Aphria, in what Citron said would be a "Machiavellian move." For Tilray, it could "gain a real business to justify it's overvalued stock price" while removing a competitor from the market, Citron said.Read more:<a href="https://www.businessinsider.com/cannabis-companies-competing-for-market-share-2018-11"> 'My lips are wet, my mouth is watering to get a piece of that': A war is brewing between US and Canadian marijuana companies to claim a $75 billion market</a>Or, Aurora - <a href="https://www.businessinsider.com/marijuana-aurora-medreleaf-merge-in-a-2-billion-deal-2018-5">a company that went on a dealmaking tear in 2018</a> - could buy Aphria outright. Aurora merged with rival firm Medreleaf in a $2.3 billion stock deal in May. Citron said that Aphria is generating similar revenue to Medreleaf prior to the takeover deal. Buying Aphria could also give either Tilray or Aurora a better shot at an investment from a major CPG company, Citron said. <h2>Going long where others are short </h2>Citron's position comes on the heels of a<a href="https://markets.businessinsider.com/news/stocks/weed-stocks-research-firm-calls-aphria-shell-game-2018-12-1027776236"> recent short report from Quintessential Capital Management and Hindenburg Research</a>, which alleged that the marijuana producer is "part of a scheme orchestrated by a network of insiders to divert funds away from shareholders into their own pockets."The short seller's report centers on three Latin American acquisitions Aphria purchased from Scythian Biosciences - now Sol Global Investments - which the short sellers say are "largely worthless." Aphria shares dropped as much as 30% after QCM's Gabriel Grego presented his position at an investor conference earlier in December, though the stock has since recovered some of its losses.Read more:<a href="https://www.businessinsider.com/why-cannabis-companies-pursue-reverse-takeovers-2018-11"> Marijuana companies are using a 'backdoor' strategy to tap the public markets - and it's fueling an M&amp;A boom</a>Grego couldn't be reached for comment prior to publication. In response to the short sellers' claims, Aphria contracted John M. Herhalt, an independent board member of Aphria and a former senior partner at KPMG, a Big Four audit firm. "While we look forward to the results of the investigation, we find them irrelevant now to the greater story," Citron said. <ul class="read-more-links"><li>Read more:</li><li><a href="https://www.businessinsider.com/accountants-are-getting-into-marijuana-but-there-are-challenges-2018-12" data-read-more-link="" data-e2e-name="read-more-link">Old-school accounting firms are finding the emerging marijuana industry to be an unexpected goldmine - and a minefield</a></li><li><a href="https://www.businessinsider.com/calpers-bought-tilray-shares-despite-tobacco-ban-2018-12" data-read-more-link="" data-e2e-name="read-more-link">California's largest pension fund snapped up shares of marijuana producer Tilray, despite a ban on tobacco investing</a></li><li><a href="https://www.businessinsider.com/poseidon-asset-management-raising-75-million-for-marijuana-focusd-fund-ii-2018-12" data-read-more-link="" data-e2e-name="read-more-link">An early investor in Juul is raising $75 million to make venture investments in pot companies</a></li><li><a href="https://www.businessinsider.com/altria-cronos-deal-what-wall-street-is-saying-2018-12" data-read-more-link="" data-e2e-name="read-more-link">'An investment of this magnitude provides overall legitimacy to the sector': Here's why Wall Street is bullish about the largest tie-up yet between the tobacco and pot sectors</a></li></ul>

You Searched For "apha stock" and got 11 results

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