Cannabis stocks had one of their strongest weeks in history.
Jazz Pharmaceuticals PLC (NASDAQ:JAZZ) acquired GW Pharmaceuticals PLC- ADR (NASDAQ:GWPH) for $7.2 billion, or $6.7 billion excluding GW Pharma’s cash.
The price of $220 per ADS in cash and stock, with $200 in cash and $20 in Jazz shares, represents about 50.4% premium over the $146.25 per share at which GW Pharma had closed on Tuesday.
“The Jazz Pharmaceutical acquisition of GW Pharmaceuticals for $7 billion shows just how much companies are willing to pay for cannabis assets,” Green Market Report editor Debra Borchardt told Benzinga. “It seems the bear market for cannabis stocks is officially over as GW Pharma stock jumped over 50% on the news.”
Benzinga Cannabis content is now available in Spanish on El Planteo.
Other Cannabis Spikes
Also spiking on the acquisition announcement in a classic sympathy move were Corbus Pharmaceuticals Holdings Inc. (NASDAQ:CRBP) and Zynerba Pharmaceuticals Inc. (NASDAQ:ZYNE), both posting gains of more than 40% this week.
Sundial Growers Inc (NASDAQ:SNDL) had a roller coaster week. The stock received attention from Reddit investor group r/WallStreetBets, which has over 8 million members. Sundial shares closed nearly 48.5% higher on Monday, dipped Tuesday, but spiked 16% on Wednesday. Gains for the week ultimately surpassed 38%.
As of Jan….
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Cannabis stocks had one of their strongest weeks in history.
Jazz Pharmaceuticals PLC (NASDAQ:JAZZ) acquired GW Pharmaceuticals PLC- ADR (NASDAQ:GWPH) for $7.2 billion, or $6.7 billion excluding GW Pharma’s cash.
The price of $220 per ADS in cash and stock, with $200 in cash and $20 in Jazz shares, represents about 50.4% premium over the $146.25 per share at which GW Pharma had closed on Tuesday.
“The Jazz Pharmaceutical acquisition of GW Pharmaceuticals for $7 billion shows just how much companies are willing to pay for cannabis assets,” Green Market Report editor Debra Borchardt told Benzinga. “It seems the bear market for cannabis stocks is officially over as GW Pharma stock jumped over 50% on the news.”
Benzinga Cannabis content is now available in Spanish on El Planteo.
Other Cannabis Spikes
Also spiking on the acquisition announcement in a classic sympathy move were Corbus Pharmaceuticals Holdings Inc. (NASDAQ:CRBP) and Zynerba Pharmaceuticals Inc. (NASDAQ:ZYNE), both posting gains of more than 40% this week.
Sundial Growers Inc (NASDAQ:SNDL) had a roller coaster week. The stock received attention from Reddit investor group r/WallStreetBets, which has over 8 million members. Sundial shares closed nearly 48.5% higher on Monday, dipped Tuesday, but spiked 16% on Wednesday. Gains for the week ultimately surpassed 38%.
As of Jan….
