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

Zynerba Pharmaceuticals

03/02/2021 15:16

(Adds pot ETF, updates stock movements)
    ** Pot stocks tracker MJ ETF  MJ.P  surges 9.5% to $23.26,
hits highest since September 2019 after Jazz Pharmaceuticals Plc
 JAZZ.O  pays large premium to buy cannabis-based drugmaker GW
Pharmaceuticals Plc  GWPH.O 
    ** Shares of pot producers 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 3% and 9%
    ** 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 Epidiolex, a cannabis-based epilepsy treatment,
brought in sales of $132 mln in latest reported qtr
    ** GWPH shares up 47%, rival Zynerba Pharmaceuticals
 ZYNE.O  up ~39% 
    ** 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))