Cannabis Stocks Soar On Biden Win, Legalization Hopes And Solid Results
November has delivered a triple-whammy of great news for cannabis stocks: Several states legalized the use of recreational marijuana, Joe Biden’s presidential victory could lead to more calls for decriminalization, and two leading cannabis companies reported better-than-expected results on Monday.
Canopy Growth (CGC) surged 10% and Aurora Cannabis (ACB) jumped 20% after both reported higher-than-forecast sales and narrowing losses. Tilray (TLRY), which will report its results after the closing bell Monday, was also up 10%.
Other cannabis stocks rallying Monday include global cannabis leader Curaleaf (CURLF), Aphria (APHA) and Cronos (CRON), which has a big investment from tobacco giant and Marlboro owner Altria (MO).
– Read the entire article at CNN Business.