Cannabis stocks rally with Aleafia leading the charge after a capital raise

Cannabis stocks rose Thursday, led by Aleafia Health Inc., which rallied after announcing the closure of a $40. 25 million convertible debt offering that will bolster its balance sheet and help grow its business.

Acreage will continue to be run independently, but will have access to Canopy’s IP and brands, product formulation and patents.“This arrangement supplements and amplifies Canopy’s ability to attack the U.S., the largest global cannabis market providing a significant competitive advantage for Canopy in relation to its Canadian peers,” Stifel analysts led by Andrew Carter wrote last week in a note to clients.

The stock has suffered from the overhang caused by an open convertible bond, but is looking oversold given some coming catalysts, he wrote. “As ZENA continues to execute on its growth plan, the financing overhang dissipates and a solid partner ecosystem expands, we expect valuation to re-rate higher.”

In regulatory news, New Hampshire Gov. Chris Sununu vetoed a law that would have opened the state’s medical cannabis business to for-profit businesses, as Marijuana Business Daily reported. The news is a blow for entrepreneurs hoping to start a business there. New Hampshire medical cannabis businesses are obliged to operate as non-profits.

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