Investing.com - Marijuana producer Tilray surged after it partnered with Budweiser maker Anheuser-Busch InBev to research cannabis-based, non-alcoholic beverages in Canada.
Both companies intended to invest up to $50 million to fund the joint venture, which will operate through Anheuser-Busch’s subsidiary Labatt Breweries of Canada.
Wall Street turned bullish on Tilray (NASDAQ:TLRY), saying the recent partnerships would help the company foster growth in new areas. Its shares rose more than 7%
"After expanding its deal with Sandoz on yesterday (Tuesday), Tilray has secured another partnership with a global industry leader to foster growth in new areas while maintaining its independence," S.G. Cowen said in a note on Wednesday.
Under the new terms, Tilray will work more closely with Sandoz across five areas, including global commercialization, co-branding, licensing and new product creations.
Shares of Tilray have struggled to recoup losses since plunging in November on the back of larger-than-expected losses.
Other pot stocks failed to get in on the action as Aurora Cannabis Inc (NYSE:ACB) fell 5%, Cronos (NASDAQ:CRON) dropped 2% and Aleafia Health (OTC:ALEAF) slumped 6%.