Cannabis is hot once again after Xanthic Biopharma, which does business under the name Green Growth Brands, made an unsolicited $2.1 billion bid to Canadian cannabis company Aphria Inc. (APHA) - Get Report .
That Thursday night news sent the stock soaring in after hours trading and carried over to Friday's session with Aphria gaining 11% Friday morning.
Fellow pot stocks were mixed Friday. Tilray Inc. (TLRY) - Get Report gained 0.5%, but Canopy Growth Corp (CGC) - Get Report edged down 0.1% and India Globalization Capital (IGCC) declined 11.4%. The Cronos Group Inc. (CRON) - Get Report dropped 0.7%.
Aphria said Friday that the bid "significantly undervalues" the company, which currently has a market capitalization of $1.544 billion. Aphria debuted on the New York Stock Exchange in October.
"While we appreciate GGB's interest in the value we have created at Aphria and our significant growth prospects, their proposal falls short of rewarding our shareholders for participating in such a transaction," Aphria Chairman Irwin Simon said in a statement. "Further, the proposed offer is quite risky given GGB's condition to complete a brokered financing at a price that is more than double the recent average of their share price, as a key term to the proposal."