Why Tilray, Canopy Growth, and Hexo Stock Rose Today

Canadian cannabis company stocks have taken a hit over the last six months, so it's not surprising to see an occasional bullish swing in shares. Today is one of those days. After each jumped about 5% earlier today, as of 3 p.m. EDT shares of Tilray (NASDAQ: TLRY), Canopy Growth (NASDAQ: CGC), and Hexo (NASDAQ: HEXO) were 2%, 3.5%, and 1.7% higher, respectively.

These names broadly trade on two types of news, beyond individual financial updates. The industry continues to consolidate, and acquisition news gets significant interest from investors. Secondly, a sway in any direction related to political attempts to broaden legalization in the U.S. is another significant driver. On that front, yesterday was the deadline for public comment on the federal marijuana legalization bill Sen. Chuck Schumer and several of his colleagues have drafted and sponsored. And it seems that supporters have been flooding the political leaders with comments.

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Source Fool.com