Weed Stocks Climbing On Legalization Hopes

Kevin Travers wrote a column · Mar 23, 2024 00:41

Cannabis stocks are climbing Friday, with a mix of international news that underlies the cause.

$Canopy Growth climbed 38%,$Tilray Brands rose 11%, $Cronos Group climbed 6%, $Aurora Cannabis climbed 16%, among other industry moovers.

One underlying cause is U.S. policy-based: Vice President Kamala Harris spoke last week about reducing federal marijuana regulation. Regulations on marijuana as a Schedule 1 narcotic place it in a drug class that keeps most marijuana companies from using regular financial tools to run their businesses. Companies in the U.S. can not use regular banking if they sell legal marijuana.

Stocks also climbed on similar changes in Germany, where lawmakers passed a measure to legalize marijuana possession Friday.

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