Congratulations to Aphria - The cannabis producer debuts on the New York Stock Exchange

Congratulations to Aphria - The cannabis producer debuts on the New York Stock Exchange

The Canadian cannabis producer Aphria debuted on the New York Stock Exchange on Friday.
Shares trade under the ticker "APHA."

(marijuana cannabis weed pot joint light smoke)Mark Blinch/Reuters

Aphria, which trades under the ticker "APHA," opened for trading at $11.75 a share, and was little changed in the first hour of action. Peers Aurora Cannabis (+2.38%), Canopy Growth (+0.41%), Cronos (+2.6%) were higher at 11:11 a.m. ET while Tilray (-1.84%) was the lone decliner.

The stock was little changed in early action. Weed stocks were mostly higher Friday after the Canadian cannabis producer Aphria debuted for trading on the New York Stock Exchange.

Cannabis stocks have been hit hard in recent weeks as traders dumped shares in the aftermath of Canada becoming the second country to legalize the drug. For instance, the ETFMG Alternative Harvest Exchange Traded Fund — which tracks companies likely to benefit from the increasing global acceptance of cannabis and trades under the ticker "MJ" — plunged as much as 31% in the two weeks following Canada's legalization.

Still, it has been a banner year for the industry. Back in August, Constellation Brands, the beverage maker behind Corona beer and Svedka vodka, announced it was investing $4 billion in the cannabis producer Canopy Growth. That sparked a "green rush" that sent shares of the biggest names skyrocketing to eye-popping valuations, with Canopy reaching $13 billion and Tilray hitting $20 billion.

Source : Yahoo Finance (https://finance.yahoo.com/news/cannabis-producer-aphria-debuts-york-151500034.html)