Business Corpus: Getting Higher: This New Marijuana Stock Trades Up In NYSE DebutAphria went higher when it made its trading debut on the New York Stock Exchange on Friday as it joined other U.S.-listed marijuana stocks. The post Getting Higher: This New Marijuana Stock Trades Up In NYSE Debut appeared first on Investor's Business Daily.

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Aphria (APHA) went higher when it made its trading debut on the New York Stock Exchange on Friday as it joined other U.S.-listed marijuana stocks.

The Canada-based company produces a range of marijuana and cannabis oil products and touts itself as a leader in the production of pharmaceutical-grade cannabis.

Aphria CEO Vic Neufeld previously boasted that the listing would help the firm's plans to expand its footing in Latin America, the Caribbean and Europe

"Listing on the NYSE provides Aphria with access to the largest equity market in the world, with increased exposure to a vast array of U.S. institutional and retail investors," he said in a statement.

Aphria's first-quarter results last month came in below GMP's expectations. The marijuana stock cited lower-than-expected pricing per gram amid increased wholesale orders. Higher production costs also hurt, GMP said, with staffing constraints causing harvesting problems.

Marijuana Stocks Mixed

Shares, which were already listed in Canada, rose 3.7% to close at 12.00 on the stock market today. Among other marijuana stocks trading in the U.S., Tilray (TLRY), which went public in July, gained 0.5%, Canopy Growth (CGC) edged up 0.3%, and Cronos Group (CRON) jumped 4.7%. Aurora Cannabis (ACB), which started trading on the NYSE last week, added 4.3%.

Marijuana-focused exchange-traded fund MG Alternative Harvest (MJ) rallied 1.5%, while AdvisorShares Vice ETF (ACT), which also has exposure to cannabis, slipped 1%.

GMP Securities analyst Martin Landry said in a research note that Aphria's build-out of near-term production capacity would position it well for the recreational market. That market currently has the munchies for more weed due to a shortage.

He also said the company was sitting on 150 million Canadian dollars (about $114 million) of excess cash. That extra money would make it well equipped for an expansion into the U.S., where it would fight it out with other marijuana stocks.

"At present, the TSX listing requirements prohibit Aphria from owning U.S. cannabis operations. The 2018 Farm Bill and the STATES Act are two pieces of U.S. legislation which could be passed in the next 12-18 months and enable the company to enter the U.S. cannabis market," he wrote, keeping a buy rating on the stock

Lawmakers are still finalizing the farm bill, which could legalize industrial hemp. The STATES Act would keep the federal government out of states' cannabis-related legislative decisions.

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