June 20, 2018 / 2:46 PM / 5 months ago

BUZZ-Weed stocks light up as Canada approves recreational marijuana

** Shares of Canadian marijuana companies climb after Canada’s upper house of parliament approved recreational use of marijuana

** Leading the pack were shares of Aurora Cannabis that gained 4.2 pct, Aphria 3.6 pct and Canopy Growth 3.4 pct

** Among other gainers were shares of MedReleaf, rising nearly ~3 pct and Green Organic Dutchman ~1 pct

** The Canadian pot industry recently saw a wave of mergers among pot growers, the latest and biggest being the Aurora-MedReleaf deal worth about C$3.2 bln ($2.51 billion)

** Canopy Growth is the country’s biggest cannabis company by market cap, valued at C$8.54 bln ($6.43 bln)

** Canopy Growth has been partnering and buying out smaller firms, it most recently partnered with nutrition products maker Neptune Technologies & Bioressources

** Horizons Marijuana Life Sciences ETF rose about 0.5 pct and U.S.-listed ETFMG Alternative Harvest ETF rose 1.2 pct (Reporting by Shreyashi Sanyal in Bengaluru)

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