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Here's Why Aurora Cannabis, Canopy Growth, Cronos Group, Sundial Growers And Tilray Shares Are Shooting Up

Published 14/07/2022, 18:28
Updated 14/07/2022, 19:10
© Reuters.  Here's Why Aurora Cannabis, Canopy Growth, Cronos Group, Sundial Growers And Tilray Shares Are Shooting Up

© Reuters. Here's Why Aurora Cannabis, Canopy Growth, Cronos Group, Sundial Growers And Tilray Shares Are Shooting Up

Shares of several cannabis stocks, including Aurora Cannabis Inc (NASDAQ: ACB), Canopy Growth Corp (NASDAQ: CGC), Cronos Group Inc (NASDAQ: CRON), Sundial Growers Inc (NASDAQ: SNDL) and Tilray Inc (NASDAQ: TLRY), are trading higher Thursday afternoon. Shares of cannabis companies at large are trading higher following reports Senate Democrats are planning to introduce a marijuana decriminalization bill next week.

What Happened?

Per a Thursday morning Bloomberg report, Senate Democrats plan to introduce a bill to decriminalize marijuana at the federal level next week, a person familiar with the matter said.

Bloomberg says the legislation still faces long odds in the evenly divided chamber.

Why it Matters

Shares of several cannabis stocks last saw marked strength in March and were trading higher following reports indicating The House Rules Committee had meeting to prep federal marijuana legalization bill for floor action.

The sector has otherwise been trading lower in sympathy with the broader market in 2022. Investors continue to weigh the economic impact of Federal Reserve policy tightening as well as the impact of higher rates on growth stock valuations.

Disclosure: The author is long TLRY calls.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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