Aurora Cannabis Inc. led a rally in cannabis stocks Wednesday, after the company said it’s hiring hedge-fund manager Nelson Peltz as an adviser with the aim of sealing new cooperation agreements and expanding globally.

The stock ACB, -1.10% ACB, -0.75%  was last up 11.7%. Peltz, the founder of Trian Fund Management L.P., is a well known activist investor who has run campaigns to shake up management and operations at a range of companies, including Procter & Gamble Co. PG, +0.23% the former DuPont and Dow Chemical, newly merged as DowDuPont Inc. DWDP, -1.57% and General Electric Co. GE, +2.74% He is chairman of fast-food chain Wendy’s Co. WEN, +0.06%  and currently sits on the boards of P&G, food services giant Sysco Corp. SYY, -0.39% and The Madison Square Garden Co. MSG, -0.48%  

Jefferies analyst Owen Bennett said the news bolsters his view of Aurora as well positioned to become a global leader in the sector.

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