mulberry sales Big marijuana stocks temporarily halted after sudden drop in share prices
Aphria Inc., Aurora Cannabis Inc. and Canopy Growth Corp., three of Canada largest licensed producers of medical marijuana, saw trading of their shares temporarily frozen just after noon.According to the Investment Industry Regulatory Organization of Canada, the reason for the halt was because the stocks had tripped circuit breakers put in place for sudden price swings. ET, a 12.6 per cent drop. ET.Shares of Smiths Falls, Ont. based Canopy managed to bounce back somewhat on Friday, closing down 2.2 per cent to $29.74.Also temporarily halted for trading Friday were pot stocks MedReleaf Corp. and Cronos Group Inc. Trading of all the aforementioned stocks resumed shortly after they were halted.Aurora,
meanwhile, announced Friday after markets closed in Toronto that it had purchased 450,000 common shares of the medical marijuana company it has targeted with a hostile takeover attempt, Saskatoon based CanniMed Therapeutics Inc.The move comes just days after securities regulators cease traded a shareholder rights plan, or poison pill, that CanniMed had adopted to defend itself against Aurora unsolicited offer. The regulators also ruled that Aurora would be able to purchase up to five per cent of CanniMed outstanding shares on the open market during its takeover bid.Aurora has made an all stock offer for CanniMed of up to $24 per share. CanniMed, however, is attempting to acquire Ontario cannabis company Newstrike Resources Ltd.