September 4, 2018 / 6:17 PM / 3 months ago

BUZZ-Cannabis company Cronos rises after partnering with biotech firm

** U.S.-listed shares of Canadian cannabis company Cronos up 13.6 pct at $11.16

** Co to produce “high-purity” cannabinoids with biotech firm Ginkgo Bioworks

** As part of the deal, Cronos to fund certain R&D expenses of about $22 mln

** Canadian marijuana producer Canopy Growth’s shares also jump after Cowen raises PT to C$74 from C$56, citing “dominant share of supply agreements”

** Brokerage says Canopy’s retail shops to be in position to cater to 58 pct of canada’s adult population

** Company’s U.S-listed shares up 9 pct at record high of $49.84; Toronto-traded stock also hits all-time high

** Rivals also up: Tilray 14.4 pct, Aphria 7.7 pct and Hexo up ~3 pct

** Including today’s gains, U.S. shares of CRON had risen 44 pct YTD, while those of CGC up ~70 pct (Reporting by Shanti S Nair and Debroop Roy in Bengaluru)

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