Weed-producer Aphria granted cultivation license at Diamond facility

Health Canada updated its website late Friday to say that it had licensed Aphria Inc.'s Diamond facility for cultivation. Aphria stock gained more than 1% during the extended session after regulator's website updated with the new license. Aphria has said that its Diamond facility, a joint venture with greenhouse operator Double Diamond Farms, is expected to reach more than 100,000 kilograms of capacity after approval. Aphria announced the partnership in January 2018, and initially said it expected the facility to be operational in 2019, pending Health Canada approval. Aphria stock has dropped 55% in the past year, as the ETFMG Alternative Harvest ETF , which tracks a basket of weed stocks, has fallen 38%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.