Investing.com - Cannabis company Cronos Group climbed in midday trading following a multi-year deal with MediPharm Labs on cannabis and cannabis concentrate supply.
Cronos (NASDAQ:CRON) stock rose 6.5%.
The company will supply MediPharm Labs (OTC:MEDIF) with bulk cannabis for extraction use, while MediPharm will provide Cronos with about $30 million of high-quality cannabis concentrate over 18 months, Briefing.com reported.
The jump in Cronos comes ahead of earnings reports coming from two major cannabis companies after the bell.
Tilray (NASDAQ:TLRY) is forecast to post a quarterly loss of 28 cents per share, with revenue of $20.5 million. Aurora Cannabis (NYSE:ACB) is expected to lose 4 cents per share on revenue of about $52 million.
Tilray rose 4%, while Aurora Cannabis gained 4.7%.
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