TLRY - Why Canopy Growth and Green Thumb Industries Stocks Popped Then Dropped Today
Like other marijuana stocks on Tuesday, Canopy Growth (NASDAQ: CGC) and Green Thumb Industries (OTC: GTBIF) saw a bit of initial excitement before ultimately closing down on the day. The former, which traded as much as 5% above Monday's close, ultimately ended up sinking by 1.6% today. For Green Thumb, those numbers were an early 2.3% gain and a 4% slide at the close.
It seems that optimism about the latest deal in the weed industry faded quickly over the course of the day.
This morning, fellow weedies HEXO (NASDAQ: HEXO) and Tilray Brands (NASDAQ: TLRY) announced a somewhat complicated deal, under which the latter will acquire the $193 million outstanding principal balance of the former's senior secured convertible note. In Tilray's words, this will permit it to "acquire a significant equity ownership position in HEXO and participate directly in its considerable growth opportunities."
For further details see:
Why Canopy Growth and Green Thumb Industries Stocks Popped, Then Dropped Today