Why Tilray and Other Cannabis Stocks Popped Friday
Canadian cannabis stocks popped Friday morning, led by Canadian grower Tilray (NASDAQ: TLRY), which jumped nearly 20% in early trading. Tilray gave back some of those gains, as did the stocks of peers Canopy Growth (NASDAQ: CGC) and Sundial Growers (NASDAQ: SNDL). As of 1:36 p.m. ET, Tilray shares were 14.3% higher for the day. Canopy Growth and Sundial shares were up 4.9% and 5.1%, respectively.
The stock gains came on news that the U.S. Congress has passed a piece of legislation supporting marijuana research, and more significantly, will be holding a floor vote on the Marijuana Opportunity, Reinvestment, and Expungement (MORE) Act next week. The House of Representatives previously passed that legislation, but it stalled in the Senate.
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Source Fool.com
