Why Aurora Cannabis, Tilray, and Charlotte's Web Stocks Fell Today

It's been less than a year since then-vice presidential candidate Kamala Harris promised on national television that a Biden-Harris administration would support legislation to "decriminalize marijuana, and we will expunge the records of those who have been convicted of marijuana."

Fast forward a few months, and that promise seems almost within reach, with Senate Majority Leader Chuck Schumer recently unveiling a draft bill to legalize marijuana for recreational use. And yet, for the past several days, the stocks of cannabis companies such as Aurora Cannabis (NASDAQ: ACB), Tilray (NASDAQ: TLRY), and Charlotte's Web Holdings (OTC: CWBHF) have been on a sustained downturn, falling anywhere from 13% to 17% since early last week.

On Monday, all three of these stocks declined again intraday. Tilray and Charlotte's Web closed the day in the red -- down 2.2% and 3.1%, respectively -- while Aurora ended flat.

Source Fool.com