Can't stop, won't stop: Pot stocks rally re-fueled by GW Pharma merger

Zynerba Pharmaceuticals

03/02/2021 14:02

** Weed-related stocks surged premarket after drug developer
Jazz Pharmaceuticals Plc  JAZZ.O  pays large premium to buy
cannabis-based drugmaker GW Pharmaceuticals Plc  GWPH.O  
    ** Shares of Tilray Inc  TLRY.O  and Sundial Growers Inc 
 SNDL.O  up double digit percentages; U.S.-listed shares of Hexo
Corp  HEXO.TO , Aurora Cannabis  ACB.TO , Aphria Inc  APHA.TO ,
Cronos Group  CRON.TO  up between 4% and 8%
    ** Jazz Pharma will pay $220 per ADS for GWPH in cash and
stock, an over 50% premium to GWPH's Tuesday close, valuing the
company at $7.2 bln  urn:newsml:reuters.com:*:nL4N2K93IM
    ** GWPH's crown jewel Epidiolex, a cannabis-based epilepsy
treatment, brought in sales of $132 mln in latest reported qtr
    ** Shares of GWPH rival Zynerba Pharmaceuticals  ZYNE.O 
rose ~21% premarket
    ** ZYNE is developing a cannabis-based gel for treatment of
a neurological disorder
    ** Pot stocks have also got a boost from U.S. Senate
majority leader Chuck Schumer's statement https://bit.ly/3oQKuWQ
 on Feb. 1 promising marijuana reform will be lawmakers'
priority this year
    ** Schumer said various marijuana reform bills will be
merged through the early part of this year and lawmakers will
release a unified discussion draft
    ** Some pot stocks had already doubled in January on hopes
that U.S. President Joe Biden's administration will pass
favorable laws for the industry

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Cannabis stocks rally to new highs    https://tmsnrt.rs/2Yje6B2
Jazz it up: GW Pharma shares surge on Jazz Pharma takeover   
 urn:newsml:reuters.com:*:nL4N2K93PH
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 (Reporting by Shariq Khan in Bengaluru)
 ((Shariq.Khan@thomsonreuters.com; Twitter: @shariqrtrs))