Why Hexo, Canopy Growth, and Aurora Cannabis Stocks All Just Crashed

Nearly one year ago, in the run-up to the 2020 presidential election, then-Democratic Vice Presidential Candidate Kamala Harris promised to support legislation that "will decriminalize marijuana," and continued, "we will expunge the records of those who have been convicted of marijuana."

Nearly one year later, that promise is approaching fulfillment with the unveiling of a new bill in the U.S. Senate to legalize marijuana for recreational use. And yet, marijuana stocks are down on the news. In 2:15 p.m. EDT trading, shares of Hexo (NYSE: HEXO) and Canopy Growth (NASDAQ: CGC) are both down 5%, while Aurora Cannabis (NASDAQ: ACB) stock is down even more -- 7.8%.  

Why is that?

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Source Fool.com