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MSRT: Biden administration would decriminalize marijuana

Cannabis stocks get a broad boost after veep-candidate Kamala Harris said Biden administration would decriminalize marijuana
11:27 AM ET 10/8/20 | MarketWatch


Tomi Kilgore

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 (https://www.marketwatch.com/story/canopy-growth-shares-fall-7-on-news-of-job-cuts-as-cannabis-sector-sells-off-2020-03-05), 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 (https://www.realclearpolitics.com/epolls/2020/president/us/general_election_trump_vs_biden-6247.html) showed Biden widening his lead over President Trump.

Don't miss: President Trump loses big edge over Biden on the economy as election looms (https://www.marketwatch.com/story/president-trump-loses-big-edge-over-biden-on-the-economy-as-election-looms-2020-10-07).

Also read: Here's how Trump's positive coronavirus test has shaken up the campaign -- plus what could happen next (https://www.marketwatch.com/story/heres-how-trumps-positive-coronavirus-test-has-shaken-up-the-campaign-plus-what-could-happen-next-11601653037).

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; [e-mail]

> Dow Jones Newswires

October 08, 2020 11:27 ET (15:27 GMT)

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