Based on recent news and market action in early trading, here are a few marijuana stocks to watch in the rest of today's market day. Happy Trading!
Aero Grow International Inc. (OTC:AERO)
Shares of Aero Grow are up roughly 0.5% in early trading. Volume is already higher than the company's 30-day average volume. After the close of trading yesterday, Aero Grow announced the company's earnings for the quarter ended June 30, 2017. Revenues increased 14% from the first quarter of last year, but operating losses also rose compared to last year's Q1. We'll be watching to see how the market continues to digest this mixed earnings release from Aero Grow.
Related: 3 ETFs With Significant Exposure to Scotts Miracle-Gro (Scotts has a significant stake in Aero Grow)
Aphria Inc. (TSX:APH)(OTC:APHQF)(FRA:10E)
Earlier this morning, Aphria announced that the company is making a $11.5 million CAD investment in Scientus Pharma. Scientus Pharma is a Canadian licensed dealer and developer of cannabinoid based biopharmaceuticals. In midday trading on the Frankfurt exchange, shares of Aphria are rising by more than 2%. On the TSX, Aphria is up roughly 1% in early trading. We'll be watching to see how the markets continue to react to this news of Aphria's latest investment.
Related: Aphria Enters into Strategic Partnership with Int'l Cannabis Company, Nuuvera
Zynerba Pharmaceuticals Inc. (NASDAQ:ZYNE)
Shares of Zynerba are falling roughly 1.5% in early trading after getting hit with two major analyst downgrades. Oppenheimer downgraded Zynerba to Perform from Outperform and Jefferies downgraded ZYNE shares from Buy to Hold. On Monday, Zynerba announced that the company's cannabidiol gel failed to meet its primary endpoint (although it did meet secondary endpoints) in their phase two trial for knee osteoarthritis. The markets are continuing to ponder the potential causes of these not so great clinical trial results and what it means for Zynerba, as well as synthetic cannabinoids and alternate drug delivery methods more broadly.
Related: 7 Things to Know About Zynerba's Pipeline & Q2 Earnings Release
That's all for now, but we'll be sure to keep readers posted regarding important developments in these names and in the cannabis industry worldwide. Be sure to subscribe to one or more of our free newsletters so you never miss an important marijuana update. Don't be a stranger, connect with The Daily Marijuana Observer on Facebook, Twitter, StockTwits and Instagram!
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