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 (TLRY 1.71%) and Aurora Cannabis (ACB -0.15%). 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.
