Why Tilray, Canopy Growth, and Aurora Cannabis All Spiked Today
Canadian cannabis stocks soared Monday morning, with Tilray Brands (NASDAQ: TLRY), Canopy Growth (NASDAQ: CGC), and Aurora Cannabis (NASDAQ: ACB) spiking between 11% and 17% in earlier trading. As of 1:50 p.m. ET, Tilray remained up 6.3%, while Canopy Growth and Aurora were 16.5% and 7.1% higher, respectively.
The jumps come as there continues to be hope for some level of marijuana legalization legislation making it through the U.S. Senate this year. But today's catalyst may have been an interview given by Tilray CEO Irwin Simon over the weekend. Simon told Yahoo! Finance that he believes legalization in the U.S. would open up a $100 billion opportunity for Canadian growers. Simon added that a legal cannabis market would have tangential products including food, beverages, and personal care products.
Source Fool.com
