As the North American markets are about to open up for trading on Monday, April 22nd, 2019 after a long holiday weekend, there’s 3 cannabis-related stocks that are already on the move in Frankfurt.
Why Watch the Frankfurt Markets?
While the opening bells have yet to ring in the United States and Canada, many of the largest and most popular cannabis stocks on the NYSE, NASDAQ, and TSX have already begun trading under their Frankfurt listings in the European session since Germany is hours ahead of New York and Toronto.
Today’s Frankfurt Market Movers
In the Frankfurt trading session, there are three major movers worth watching as markets open up in North America.
Shares of CannTrust Holdings Inc. (FRA:C9S) last traded at €6.62 in Frankfurt, equivalent to approximately $7.45 USD or $9.96 CAD. Having previously closed trading in New York at $7.11 USD per share, this morning’s action in Frankfurt is suggesting a bullish start to the day for shares of CTST on the NYSE. It should be noted that, to the contrary, shares of CTST are trading down in the U.S. pre-market on news that CannTrust Holdings has commenced an underwritten public offering of an aggregate $200 million USD in common shares, which contemplates approximately 85% of the common shares to be sold in the offering by the company and approximately 15% of the common shares to be sold in the offering by certain shareholders.
Shares of Canopy Growth Corp. (FRA:11L1) last traded at €39.99 in Frankfurt, equivalent to approximately $44.99 USD or $60.15 CAD. Having previously closed trading in New York at $44.56 USD per share, this morning’s action in Frankfurt is suggesting a bullish start to the day for shares of CGC on the NYSE. Shares of Canopy are also trading up in the U.S. pre-market session. Presumably, bulls late to the game are reacting to the big news released on Thursday, before the holiday weekend. Canopy announced that it would buy Acreage Holdings Inc. (CSE:ACRG.U) (OTC:ACRGF) once cannabis is legalized in the United States. Also, this morning, Canopy’s subsidiary Tweed announced a new cannabis packaging recycling program in honor of Earth Day.
Shares of Cronos Group Inc. (FRA:7CI) last traded at €14.39 in Frankfurt, equivalent to approximately $16.19 USD or $21.65 CAD. Having previously closed trading in New York at $15.75 USD per share, this morning’s action in Frankfurt is suggesting a bullish start to the day for shares of CRON on the NASDAQ. Shares of Cronos are also trading slightly higher in U.S. pre-market trading. That said, just a few days ago, Merrill Lynch analyst Christopher Carey told investors to stay away from Cronos.
As markets are about to open up for trading in the U.S. and Canada, remember to always do your own due diligence and consult your professional financial advisor, as this article is not a recommendation to buy or sell any of the securities mentioned.
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