Cannabis stocks were rising in midday trading, with the sector continuing to gain momentum after a major investment announcement in Canopy Growth last week.
Canopy Growth (NYSE:CGC) stock rose about 7% at 11:25 AM ET (15:25 GMT).
The stock has been on a tear since beverage company Constellation Brands (NYSE:STZ), which owns Corona beer and Svedka vodka, said it would invest a further $4 billion in Canopy, Canada’s top cannabis producer.
Constellation invested about $200 million in the company last year.
That strength lifted other major stocks in the sector.
Aurora Cannabis (OTC:ACBFF) rose about 9% and Tilray (NASDAQ:TLRY) gained about 8%.
The beverage sector was also active after PepsiCo (NASDAQ:PEP) announced it would buy SodaStream (NASDAQ:SODA) for $144 per share, a deal valued at $3.2 billion.
Shares of SodaStream surged about 10% and PepsiCo gained about 0.1%.
Coca-Cola (NYSE:KO) was up about 0.25%, while Keurig Dr Pepper (NYSE:KDP) was off about 1%. And Monster Beverage (NASDAQ:MNST) was flat.
