Why are Cannabis Stocks Surging Today?

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, +6.74% shot up 5.0% in afternoon trading. It has now run up 12.6% 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, 12.45% APHA, 11.78% soared 11.7%, Aurora Cannabis Inc. ACB, 12.80% ACB, 8.01% shot up 6.2%, Canopy Growth Corp. CGC, 11.91% WEED, 10.31% climbed 9.0% and Tilray Inc. TLRY, 21.54% rallied 13.7%.

Shares of Corona beer brewer Constellation Brands Inc. STZ, 1.69%, which has made a large investment in Canopy Growth, tacked on 1.4%.

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.

Elsewhere, shares of Cronos Group Inc. CRON, 10.24% CRON, 9.35% rallied 7.3%, Curaleaf…

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