Shares of Aurora Cannabis, Canopy Growth, Tilray and others see double-digit 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 7.4% to close at a three-week high of $9.32. It has run up 15.2% 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 Aurora Cannabis Inc. (ACB.T) shot up 10.6%, Aphria Inc. (APHA.T) jumped 10.3%, Canopy Growth Corp. (WEED.T) climbed soared 13.5% and Tilray Inc. (TLRY) ran up 18.3%.
Shares of Corona beer brewer Constellation Brands Inc. (STZ) , which has made a large investment in Canopy Growth (), tacked on 2.0%.
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 10.0%, Curaleaf Holdings Inc. surged 10.5%, OrganiGram Holdings Inc. (OGI.T) hiked up 11.5% and Trulieve Cannabis Corp. advanced 6.8%.
The Cannabis ETF has still tumbled 25.7% year to date, while the S&P 500 index has gained 6.7%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
October 08, 2020 16:38 ET (20:38 GMT)
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