Why Shares of Aurora Cannabis, Canopy Growth, and Tilray Are Glowing Green Today
Canadian marijuana stocks are having a moment in the sun today. Shares of Aurora Cannabis (NASDAQ: ACB) are up by a healthy 7.4%, while Canopy Growth (NASDAQ: CGC) stock is higher by 14.3%, and Tilray Brands' (NASDAQ: TLRY) equity is in the green by 5.6%, as of 12:35 p.m. ET Thursday.
What's causing this industrywide move higher? These beaten-down Canadian marijuana stocks appear to be getting a lift from today's news that inflation seems to be tapering off. The U.S. Labor Department announced this morning that the Cosumer Price Index (CPI) increased by 7.7% in October relative to the same month a year ago, which represents the smallest rise in the CPI so far this year.
Why are Aurora Cannabis, Canopy Growth, and Tilray responding this positive macroeconomic news? While the link is far from direct, slowing inflation might spur the Federal Reserve to dial back its policy of aggressive interest rate hikes. That's key for speculative growth stocks like Aurora, Canopy, and Tilray.
Source Fool.com
