Why Auscann Group Holdings Ltd Shares Rocketed 27% Higher

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Why Auscann Group Holdings Ltd Shares Rocketed 27% Higher

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The Auscann Group Holdings Ltd (ASX: AC8) share price had a day to remember on Tuesday.

At one stage the medicinal cannabis company’s shares were up as much as 27% before finishing the day 23.5% higher at 52.5 cents.

What happened?

Investors have been fighting to get hold of shares in the pot stock after Bloomberg reported that global alcoholic beverage giant Constellation Brands has agreed to pay approximately C$245 million for a 9.9% stake in Canada-based cannabis company Canopy Growth Corp.

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