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Weed stocks surge after Kamala Harris promises to decriminalize pot

Stock Markets Oct 08, 2020 04:50PM ET
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© Reuters. A fully budded marijuana plant ready for trimming is seen at the Botanacare marijuana store ahead of their grand opening on New Year's day in Northglenn, Colorado

(Reuters) - U.S.-listed shares of major cannabis producers surged on Thursday after Democratic vice president nominee Kamala Harris said the Biden administration would decriminalize marijuana at the federal level in the United States if they were elected.

During Wednesday night's debate with Vice President Mike Pence, Harris said she and Democratic presidential nominee Joe Biden would also expunge the records of those that have been convicted of marijuana-related offences in the past.

Cannabis stock tracker MJ ETF (P:MJ) rose 5.5% in the session, its best day since early June.

Shares of Tilray Inc (O:TLRY) rose 19.2% on the Nasdaq, while U.S.-listed Canopy Growth (NYSE:CGC) Corp (TO:WEED), Aphria Inc (TO:APHA) and Aurora Cannabis Inc (TO:ACB) closed between 10% and 13% higher.

Weed stocks surge after Kamala Harris promises to decriminalize pot
 

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Comments (2)
Repala Ramarao
Repala Ramarao Oct 08, 2020 10:19PM ET
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It is very good and helpful
James Bell
James Bell Oct 08, 2020 5:47PM ET
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If Trump were to legalize marijuana through executive order before the election, he could steal away a large portion of the minority vote from Biden.
 
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