Why Pot Stocks Like Canopy Growth and Organigram Surged Higher Today
For marijuana stocks to make meaningful gains, change has to happen from the top down. And while the ultimate hope of decriminalization at the federal level hasn't been fulfilled, investors -- and potheads generally -- got a great and unexpected piece of good news from the government at nearly the end of Thursday's trading session.
As a result, late in the trading day many North American weed stocks saw double-digit gains. Canada's Canopy Growth (NASDAQ: CGC) closed more than 22% higher, while compatriot Organigram Holdings (NASDAQ: OGI) rose by 17%. Numerous U.S.-based weedies did even better; Green Thumb Industries (OTC: GTBIF), to name one, advanced by 33%. Even pot-adjacent stocks did well -- Scotts Miracle-Gro (NYSE: SMG) increased nearly 4%.
That afternoon, President Joe Biden announced that he is pardoning individuals convicted by the government of simple misdemeanor possession of marijuana.
Source Fool.com
