Why Tilray and Aurora Cannabis Stocks Surged Higher Today

What happened

It's a rare day when several Canadian marijuana stocks not only rise in price, but at substantial rates. That was the happy case on Monday with both Tilray Brands (NASDAQ:TLRY) and Aurora Cannabis (NASDAQ:ACB). The two weedies saw price pops in excess of 8% on the day, crushing the 0.1% increase of the S&P 500 index.

So what

Investors were less encouraged by news from either Tilray or Aurora than they were with the looming arrival of a new Candian pot stock on the top equity market in the country.

This is TerrAscend, a vertically integrated company that runs cultivation, processing, and retail operations in both Canada and the U.S. Last Thursday, the company announced its common shares would effectively move to the Toronto Stock Exchange from its current home of the Canadian Securities Exchange. The move should occur on July 4, which is not a Canadian holiday.

While the Canadian marijuana sector is beset by struggles and full of companies that regularly lose money, TerrAscend's shift to the Toronto exchange is a signal that there is still enough investor interest to help sustain the industry. That's good news for the top operators in the country, a group in which Tilray and Aurora indisputably belong.

Now what

There was another piece of somewhat encouraging news for both Tilray specifically and the country's cannabis business generally. On Friday, the company announced that its Four Twenty subsidiary had secured a credit agreement with a syndicate of lenders led by Bank of America. All told, Tilray will have access to $75 million in debt financing through the facility.

Here's The Marijuana Stock You've Been Waiting For
A little-known Canadian company just unlocked what some experts think could be the key to profiting off the coming marijuana boom.

And make no mistake – it is coming.

Cannabis legalization is sweeping over North America – 19 states plus Washington, D.C., have all legalized recreational marijuana over the last few years, and full legalization came to Canada in October 2018.

And one under-the-radar Canadian company is poised to explode from this coming marijuana revolution.

Because a game-changing deal just went down between the Ontario government and this powerhouse company...and you need to hear this story today if you have even considered investing in pot stocks.

Simply click here to get the full story now.

Learn more

Bank of America is an advertising partner of The Ascent, a Motley Fool company. Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bank of America. The Motley Fool has a disclosure policy.