The three Canadian marijuana stocks that currently trade on major U.S. stock exchanges enjoyed big gains on Monday. Shares of Canopy Growth (NYSE:CGC) were up 14% as of 3:48 p.m. EDT, while Cronos Group (NASDAQ:CRON) and Tilray (NASDAQ:TLRY) jumped 18.9% and 12.1%, respectively.
Two of the three marijuana growers reported new developments earlier in the day. Canopy announced an agreement to acquire all of the assets of Colorado-based hemp researcher ebbu, Inc. Cronos announced a deal with the Technion Research and Development Foundation of the Technion – Israel Institute of Technology to research the use of cannabinoids in skin diseases.
However, the primary catalyst for all three stocks appears to be mounting anticipation of the Canadian recreational marijuana market opening on Wednesday, Oct. 17. Canopy, Cronos, and Tilray will be major players in this new market.