Cannabis stocks get a big boost after veep-candidate Kamala Harris said Biden administration would decriminalize marijuana
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Shares of cannabis companies enjoyed a broad rally Thursday, amid growing hopes of federal decriminalization following comments from vice-presidential candidate Sen. Kamala Harris.
“[W]e will decriminalize marijuana, and we will expunge the records of those how have been convicted of marijuana,” Harris said in the vice-presidential debate late Wednesday.
The Cannabis ETF
THCX
shot up 5.0% in afternoon trading. It has now run up 12.6% since closing at a four-month low two weeks ago.
Among some of the ETF’s more active components, the U.S.-listed shares of Aphria Inc.
APHA
CA:APHA
soared 11.7%, Aurora Cannabis Inc.
ACB
CA:ACB
shot up 6.2%, Canopy Growth Corp.
CGC
CA:WEED
climbed 9.0% and Tilray Inc.
TLRY
rallied 13.7%.
Shares of Corona beer brewer Constellation Brands Inc.
STZ,
which has made a large investment in Canopy Growth, tacked on 1.4%.
The likelihood of former-Vice President Joe Biden winning the presidential election next month has increased recently, after the latest polls showed Biden widening his lead over President Trump.
Don’t miss: President Trump loses big edge over Biden on the economy as election looms.
Also read: Here’s how Trump’s positive coronavirus test has shaken up the campaign — plus what could happen next.
Elsewhere, shares of Cronos Group Inc.
CRON
CA:CRON
rallied 7.3%, Curaleaf Holdings Inc.
CURLF
CA:CURA
surged 10.1%, OrganiGram Holdings Inc.
OGI
hiked up 8.8% and Trulieve Cannabis Corp.
TCNNF
CA:TRUL
advanced 4.8%.
The Cannabis ETF has still tumbled 27.4% year to date, while the S&P 500 index
SPX
has gained 6.5%.
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