Cannabis stocks get a broad boost after veep-candidate Kamala Harris said Biden administration would decriminalize marijuana – MarketWatch

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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, +4.66% 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, +12.25% APHA, +11.48% soared 9.5%, Aurora Cannabis Inc. ACB, +5.20% ACB, +4.57% shot up 5.0%, Canopy Growth Corp. CGC, +9.07% WEED, +9.18% climbed 6.4% and Tilray Inc. TLRY, +14.06% rallied 5.7%.

Shares of Corona beer brewer Constellation Brands Inc. STZ, +1.37%, which has made a large investment in Canopy Growth, 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 showed Biden widening his lead over President Trump.

Don’t miss: President Trump loses big edge over Biden on the economy as election looms.

Also read: Here’s how Trump’s positive coronavirus test has shaken up the campaign — plus what could happen next.

Elsewhere, shares of Cronos Group Inc. CRON, +7.33% CRON, +6.23% rallied 4.9%, Curaleaf Holdings Inc. CURLF, +9.72% CURA, +9.40% surged 9.0%, OrganiGram Holdings Inc. OGI, +8.85% hiked up 8.0% and Trulieve Cannabis Corp. TCNNF, +4.74% TRUL, +4.37% advanced 3.6%.

The Cannabis ETF has tumbled 28.6% year to date, while the S&P 500 index SPX, +0.63% has gained 6.5%.

 

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