Cannabis stocks were mostly higher Friday, rising with the broader market after a weaker-than-expected May jobs report bolstered expectations that the Federal Reserve will cut interest rates sooner rather than later.
On the regulatory front, the effort to protect banks that do business with cannabis companies from federal enforcement action made progress this week, he said. The next big milestone for the sector is earnings from market leader Canopy Growth Corp. WEED, +1.14% CGC, +1.90% due Thursday and which will set the tone for the sector. Canopy is the biggest company measured by market value, thanks to a $4 billion investment from Corona beer distributor Constellation Brands Inc. STZ, +3.09%The company is expected to post a loss of 25 Canadian cents, according to FactSet analysts, which would be narrower than the 31 cents loss posted a year ago.
Pax is partnering with Aphria Inc., Aurora Cannabis Inc., Organigram Holdings Inc. and Supreme Cannabis Co. Inc.
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