May 14, 2018 / 3:32 PM / 5 months ago

BUZZ-Aurora Cannabis, MedReleaf deal lifts Canadian weed stocks

** Shares of Canadian marijuana companies rise after Aurora Cannabis announced a C$3.2 bln ($2.51 billion) deal to buy rival MedReleaf Corp, the biggest deal in the history of the country’s young cannabis sector

** Shares of Aurora Cannabis up 0.7 pct and Canopy Growth up ~9.5 pct, both among most actively traded stocks across all Canadian exchanges

** Among other gainers, Aphria rises nearly 7 pct and MedReleaf shares climb 3 pct

** The Aurora-MedReleaf deal is the latest in a wave of mergers among pot growers in Canada as the country moves to legalize cannabis for recreational use

** Aurora completed its acquisition of CanniMed, which was worth C$1.1 bln when announced in Jan was the second largest deal in Canada’s cannabis sector

** Aurora is Canada’s the second biggest legal cannabis company by market cap, second only to Canopy Growth

** Separately, Canopy Growth announced that it has applied to list its shares on the NYSE and said will trade on the NYSE under the ticker symbol “CGC” and will continue to trade on the TSX under the ticker symbol “WEED”

** Canada’s Horizons Marijuana Life Sciences exchange-traded fund (ETF) has slipped ~5.7 pct this year (Reporting by Shreyashi Sanyal in Bengaluru)

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