Cannabis Stocks Extend Surge

By Amrith Ramkumar

Cannabis producers like Tilray are extending a recent surge (https://www.wsj.com/articles/cannabis-companies-are-ready-to-roll-11611572793) as traders anticipate full federal marijuana legalization will boost the sector.

Tilray is up 15%, bringing its three-day climb to nearly 50%, while the Cannabis ETF adds 8.3%.

On Tuesday, three Democratic senators led by Majority Leader Chuck Schumer released a statement (https://www.finance.senate.gov/ranking-members-news/-booker-wyden-schumer-joint-statement-on-cannabis-reform-legislation?utmmedium=email&utmsource=newsletter&utmcampaign=MJD20210201NewsDaily) saying they hope to end the country's federal marijuana prohibition laws and enact other reforms.

The House of Representatives voted to decriminalize (https://www.wsj.com/articles/house-passes-bill-decriminalizing-marijuana-at-federal-level-11607107693) marijuana at the federal level late last year, the first legislation of its kind to get a vote in the chamber, but the bill didn't move forward.

Cannabis stocks have risen in recent weeks with traders anticipating President Biden to pursue reform in this area.

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February 03, 2021 10:38 ET (15:38 GMT)

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