• December 05, 2020
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  • Cannabis stocks soar on Biden win, legalization hopes and solid results

    LinkedIn

    New York (CNN Business): 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).
    Industry executives are clearly happy about the election outcomes at both the federal and state levels. The chief executive officer of Canopy, which has the financial backing of Corona owner Constellation Brands (STZ), was particularly upbeat about what the changes in the political landscape might mean for the industry.
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