Shares of cannabis companies shifted into rally mode on Tuesday after Canopy Growth Corp. revealed plans to create Canopy USA and issue exchangeable shares to consolidate its U.S. cannabis assets. Jefferies analyst Owen Bennett said the Canopy Growth deal “could also have positive implications for multi-state operators and paths to uplisting, potentially adopting similar structures.” He added the deal is a positive for Canopy Growth shares. Canopy Growth stock is up 27% in afternoon trading. Other cannabis stocks are also seeing a surge today. Curaleaf Holdings Inc. is up by 3.8%, Tilray Inc. is up by 12.7%, Verano Holdings Corp. is up 6.6%, Scotts Miracle-Gro Co. is ahead by 4.6%, TerrAscend Corp. is up 8.5%, Ascend Wellness Holdings is up 6.7%, Green Thumb Industries is up by 5.9% and Trulieve Cannabis Corp. is rallying 6.4%. AdvisorShares Pure US Cannabis ETF is ahead by 6.2% and the ETFMG Alternative Harvest ETF is rallying by 8.6%. The Nasdaq is ahead by 1.5%.
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