Canopy Growth spikes to a record high as Canada gets ready to legalize weed (CRON, ACBFF, CGC, TLRY)

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October 15, 2018 10:01 PM

Weed stocks surged on Monday as Canada gets ready to legalize marijuana on October 17.

A Canopy Growth employee.

Weed stocks surged on Monday in the wake of
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Weed stocks surged Monday as Canada prepares to legalize marijuana on October 17.

Canopy Growth soared more than 14%, hitting a record high of $57 a share. Rivals Tilray, Aurora Cannabis, and Cronos gained between 11% and 19%.

Also on Monday, Canopy Growth agreed to acquire the Colorado-based hemp researcher Ebbu, in a stock-and-cash deal for $425 million Canadian dollars.

Since August 2018, the pot stocks have been exploding in popularity amongst investors as several companies have explored the possibility of selling Marijuana-based products.

Last week, Walmart said its Canadian division has carried out some "preliminary fact-finding" on potentially carrying CBD (or cannabidiol) infused products. In September, Coca-Cola held talks with Aurora Cannabis to make a CBD-infused drink but was unable to reach a deal.