Investing.com - Cannabis stocks got higher in midday trading Friday after Canopy Growth (NYSE:CGC) reported a 282% increased in revenue and its sales numbers in Canada surprised investors.
The medical marijuana firm jumped 3% midday, despite its revenue of $62.35 million missing Investing.com estimates of $66 million.
"We have developed an unprecedented and unparalleled fully integrated platform at scale and will continue to expand by making strategic production investments in regions with federally permissible paths to market for our cannabis and hemp offerings,†Bruce Linton, chairman and co-CEO of Canopy Growth said in a press release.
The company sold 10,102 kilograms of pot in the third quarter, with 7,381 kilograms of recreational cannabis in business-to-business transactions and 1,611 kilograms of medical cannabis.
Elsewhere in the sector, Tilray (NASDAQ:TLRY) inched up 0.08%, while Cronos Group (NASDAQ:CRON) gained 2% and Aurora Cannabis (NYSE:ACB) fell 0.6%.
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