Aphria, Aurora Cannabis, Canopy Growth stocks see big gains
Shares of cannabis companies enjoyed a broad rally Thursday, amid growing hopes of federal decriminalization following comments from vice-presidential candidate Sen. Kamala Harris.
"[W]e will decriminalize marijuana, and we will expunge the records of those how have been convicted of marijuana," Harris said in the vice-presidential debate late Wednesday.
The Cannabis ETF (THCX) shot up 3.1% in morning trading. It has now run up 11% since closing at a four-month low two weeks ago.
Among some of the ETF's more active components, the U.S.-listed shares of Aphria Inc. (APHA.T) soared 9.5%, Aurora Cannabis Inc.(ACB.T) shot up 5.0%, Canopy Growth Corp. (WEED.T) climbed 6.4% and Tilray Inc. (TLRY) rallied 5.7%.
Shares of Corona beer brewer Constellation Brands Inc. (STZ) , which has made a large investment in Canopy Growth (), tacked on 0.5%.
The likelihood of former-Vice President Joe Biden winning the presidential election next month has increased recently, after the latest polls () showed Biden widening his lead over President Trump.
Don't miss: President Trump loses big edge over Biden on the economy as election looms ().
Also read: Here's how Trump's positive coronavirus test has shaken up the campaign -- plus what could happen next ().
Elsewhere, shares of Cronos Group Inc. (CRON.T) rallied 4.9%, Curaleaf Holdings Inc. surged 9.0%, OrganiGram Holdings Inc. (OGI.T) hiked up 8.0% and Trulieve Cannabis Corp. advanced 3.6%.
The Cannabis ETF has tumbled 28.6% year to date, while the S&P 500 index has gained 6.5%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
October 08, 2020 11:27 ET (15:27 GMT)
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