Why Village Farms Stock Crushed It Today

Shares of Village Farms International (NASDAQ: VFF) were soaring 22.6% as of 3:50 p.m. EDT on Friday. The cannabis and greenhouse produce company didn't announce any news of its own, but there were several other developments that were likely behind Village Farms' big gain.

One potential factor for the Village Farms' jump was Statistics Canada's release Friday morning of data showing that cannabis sales in Canada skyrocketed in March. Also, results from a study were announced on Thursday that found that some cannabis strains could help prevent the novel coronavirus from entering host cells. In addition, Bank of America reinstated coverage on big cannabis producer Canopy Growth (NYSE: CGC) with a buy rating, which could be viewed as a positive sign for the entire Canadian cannabis industry.

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