Wells Fargo just shouted "sell!" -- but investors bought cannabis stocks instead.
What happened
A funny thing happened in the cannabis market today. Analysts at investment bank Wells Fargo initiated coverage across the sector, warning of overvaluation among marijuana companies and suggesting investors turn their attention to hydroponics suppliers instead -- but marijuana stocks leapt higher anyway.
As of 12:35 p.m. ET, shares of Tilray ( TLRY -6.97% ) are gaining 4.6%, and both Aurora Cannabis ( ACB -4.41% ) and Canopy Growth ( CGC -6.76% ) are up 7.1% each.