The stock market did well on Friday morning, with investors responding to further positive news on the trading front for the US and China. Starting at. 11:30 AM EST, Dow Jones Industrial Average (DJINDICES: ^ DJI) was 330 points to 25,769. Among other major indices, S & P 500 (SNPINDEX: ^ GSPC) up 21 points to 2,767, while Nasdaq Composite (NASDAQINDEX: IXIC) picked up 23 points to 7,450.
The Marijuana shares have received much attention recently, mainly due to the impressive review, stock prices have enjoyed following a weak 201
On a high
Stocks on Canopy Growth picked up 3% Friday morning when investors responded positively to their latest quarterly report. The company reported a fantastic revenue growth of 283% in the quarter, which ended on December 31 compared to the same period in 2017. The additional sales stemmed from the opening of Canada's recreational cannabis market, which Canopy was well prepared for. The Cannabis manufacturer managed to increase sales to more than 10,000 kilos in the quarter, and was impressive to meet the high demand among Canadian consumers.
Canopy has caught the investor's attention for several reasons. The first is that it has received huge investment support from beer and spirits Constellation Brands which provided a capital injection of $ 4 billion at the end of 2018, which gave the drinking giant a 38% stake in Canopy. The other is that Canopy was one of the first companies to list their shares on major US stock exchanges, and it has got the investor community exposure on both sides of the US-Canada border it needs to maximize its growth potential.
At this time, Canopy's strategic vision includes continuing to expand in Canada, leveraging the recent hemp legalization in the United States, and finding new markets internationally. This combination shoots on all cylinders, and many investors are optimistic about Canopy's prospects.
Aphria concludes its assessment
Elsewhere in the cannabis industry, the shares in Aphria were higher by 3% after the company reported that it had completed a special committee review. Some critics claimed that Aphria's acquisition of LATAM Holdings was incorrect and claimed that Aphria paid too much for the efforts of three marijuana companies in Colombia, Argentina and Jamaica. Complicating cases were allegations that Aphria insiders were making financial efforts in the previous owner of the three companies, SOL Global Investments. Critics argued that the positions of CEO Vic Neufield and co-founder Cole Cacciavillani and John Cervini held in SOL presented a conflict of interest. Aphria argued against the allegations, but designated a special committee to examine them.
The committee's review found that the purchased assets were legitimate business assets, and that the price paid was "within an acceptable range compared to similar acquisitions of competitors, be it near the peak of the range of observable valuation values." With Neufeld and Cacciavillani's decision. From withdrawing from their leading roles from March 1, temporary CEO Irwin Simon is confident that Aphria will be able to move forward with new and stronger governance policies.