Aphria Remains Firmly Positive After Initial Jump

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( - After gapping open notably higher, shares of Aphria Inc. ( APHA ) remain firmly positive in afternoon trading on Friday. Aphria is currently up by 11 percent.

The initial jump by Aphria came after the Canadian cannabis producer said a hostile takeover bid by Green Growth Brands valued at $2.1 billion significantly undervalues the company.

"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," said Aphria Chair Irwin Simon.

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