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%.
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, +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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