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Pyxus Stock Jumps on CBD Buzz

Lillian Currens

Aurora Cannabis (ACB) isn't the only pot stock making gains today. Pyxus International Inc. (NYSE:PYX) is up 2.6% at $28.69, on news that the tobacco company's hemp processing partner, Criticality, opened a new plant in Wilson, North Carolina. The hemp processed at the facility will be used in "Korent," Criticality's line of CBD products. 

The shares of PYX are already up 141.9% year-to-date -- rebounding off their Jan. 2 low of $11.30. While resistance at the $29 level briefly capped the rally, the stock managed a bounce atop its 20-day moving average before climbing higher. The equity is pacing for it's third straight win today, and is trading at a level not seen since late October. 

PYX Chart March 13

In the options pits, it's business as usual, with 6,950 calls crossing the tape today -- more than the average intraday volume and roughly seven times the number of PYX put contracts. The March 30 call is by far the most popular, and new positions are being opened at the April 30 call. During the last 10 days at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), 6,900 calls were bought to open, compared to just 639 puts.

Meanwhile, short interest has dropped nearly 11% in the last reporting period. However, the 2.73 shares sold short still represent a whopping 33.1% of the stock's float -- something that could spark additional tailwinds if these pessimistic positions continue to unwind.