Benzinga | Nov 12, 2021 02:16PM EST

Why Canopy Growth Shares Are Trading Higher Today

Canopy Growth Corp (NASDAQ:CGC) is trading higher Friday on continued legalization hopes amid a Republican-leg marijuana legalization bill.

The stock is also moving in sympathy with Sundial Growers Inc (NASDAQ:SNDL), which reported its third-quarter financial results and announced a share repurchase program.

Sundial reported quarterly net earnings of $11.3 million Canadian dollars ($8.99 million), which is up from a loss of CAD$71.4 million year-over-year. The company reported quarterly adjusted EBITDA of CAD$10.5 million, which is up from an adjusted EBITDA loss of CAD$4.4 million year-over-year.

Sundial reported quarterly net revenue from cannabis segments of CAD$14.4 million, representing a 12% increase year-over-year.

Sundial Growers also announced a share repurchase program authorizing the company to repurchase up to CAD$100 million of its shares "from time to time at prevailing market prices."

Under the terms of the program, Sundial Growers can purchase a maximum of 102.8 million shares, representing approximately 5% of the company's issued and outstanding shares.

See Also: How A "Dumb Scare" About Heroin Could Lead to Legal Cannabis in Germany

Canopy Growth, headquartered in Smiths Falls, Canada, cultivates and sells medicinal and recreational cannabis and hemp through a portfolio of brands.

CGC Price Action: Canopy Growth has traded as high as $56.49 and as low as $11.31 over a 52-week period.

The stock was up 7.58% at $14.54 at time of publication.

Photo: NickyPe from Pixabay.