Why Aurora Cannabis and Aphria Rose While Sundial Growers Dropped Today

What happened

Shares of Aurora Cannabis (NYSE:ACB) were trading down 2.5% as of 2 p.m. EST Friday, after being as much as 8% higher earlier in the day. Aphria (NASDAQ:APHA), another Canadian pot grower, also traded 6% higher before giving up most of those gains. And shares of Sundial Growers (NASDAQ:SNDL) were down 8% after being higher earlier in the trading session.

There has been some news driving the stocks this week, but of the three, only Sundial has new information today for investors.

So what

After Sundial’s stock soared 50% this week, the company announced today it is taking advantage of the increase to raise needed capital. The company said it will issue securities to raise up to $200 million, and also filed a prospectus for a new at-the-market equity program for up to $150 million of its common shares.

This came after Sundail’s shares rose this week on the heels of a United Nations commission vote to remove medical cannabis from the list of Schedule IV drugs created at the 1961 Single Convention on Narcotic Drugs.

marijuana buds and jar of gummies

Image source: Getty Images.

The removal from the category that includes heroin doesn’t mean any immediate change in the legal status of cannabis, since…

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