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Cann Group share price rockets to an all-time high

medical marijuana

The Cann Group Ltd (ASX: CAN) share price has been one of the best performers on the ASX today.

In morning trade the medicinal cannabis company’s shares are up 17% to an all-time high of 84.5 cents.

What happened?

Today’s move higher is a little bit of a mystery as there hasn’t been any meaningful news out of the company since the end of last month when Cann released its quarterly activities report.

That update revealed that the company will begin to harvest its first plant material from cultivation at its Southern facility in August.

It would appear as though some investors are excited about this harvest and have been fighting to get hold of shares ahead of the release of news relating to it.

Cann Group’s shares have now gained 180% since hitting the ASX boards at 30 cents per share in May.

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Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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