Why Aurora Cannabis, Canopy Growth, and Tilray Stocks Are Rebounding Today
Shares of several top Canadian cannabis producers were rebounding today after significant drops on Wednesday. Aurora Cannabis (NYSE: ACB) stock was up 12% as of 9:47 a.m. EST. Shares of Tilray (NASDAQ: TLRY) were soaring 12.7%. Canopy Growth (NYSE: CGC) was up 3.7% after rising as much as 7.6%. Today's gains stemmed from the same reason that led to Wednesday's drops: the U.S. election outcomes.
However, there's a twist today. It looks increasingly more likely that former Vice President Joe Biden will win the presidential race. Also, Democrats could still have a shot at winning 50 votes in the U.S. Senate, which would effectively give them control in the chamber if Biden wins, since his running mate, Sen. Kamala Harris, would cast any tie-breaking votes if she becomes vice president.
Canadian cannabis producers desperately seek to enter the lucrative U.S. cannabis market. They're prohibited from doing so and keeping their shares listed on major U.S. stock exchanges, though, because marijuana remains illegal at the federal level in the U.S.
Source Fool.com
