Why Curaleaf, Canopy, and Aurora Cannabis Stocks Just Popped
The stock market is finally recovering from a rather steep sell-off this morning, as we move into midday trading. Helping to lead the recovery, believe it or not, are cannabis stocks: As of 2:10 p.m. ET on Monday, both Curaleaf Holdings (OTC: CURLF) and Canopy Growth (NASDAQ: CGC) shares were up 5.6%, and tiny Aurora Cannabis (NASDAQ: ACB) had a 7.5% gain.
As pot-news website MarijuanaMoment.net reports today, President Joe Biden will attend the Labor Day Parade in Pittsburgh on Monday. While he's there, Pennsylvania Lt. Gov. John Fetterman (who's running to become the next senator from the state) plans to try to convince President Biden of the need to decriminalize marijuana on the federal level.
But despite campaigning on a policy of decriminalizing marijuana, President Biden has been reluctant to throw his support behind full-scale legalization since winning office. A bill to legalize marijuana was introduced in the Senate in July, and there's been little progress in passing it. Six pro-marijuana senators sent the president a letter in July urging him to change his position.
Source Fool.com
