Why Aphria, Canopy Growth, Cronos Group, and Other Marijuana Stocks Surged Today
Marijuana stocks soared on Tuesday, as the transition from the Trump administration to the Biden administration officially began. By the closing of trading, shares of Aphria (NASDAQ: APHA), Canopy Growth (NASDAQ: CGC), Cronos Group (NASDAQ: CRON), HEXO Corp (NYSE: HEXO), and Tilray (NASDAQ: TLRY) were up 8%, 9%, 9%, 11%, and 17%, respectively.
Biden has promised to decriminalize marijuana. Decriminalization at the federal level would be a welcome relief for cannabis companies for several reasons. For one, it could make it easier for them to obtain traditional banking services, which many banks have been hesitant to provide. For another, decriminalization could help to sway lawmakers and voters in more states to support marijuana legalization initiatives.
Cannabis stocks popped on Tuesday on hopes that the U.S. will embrace marijuana reform. Image source: Getty Images.
Source Fool.com
