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Cannabis and Hemp stocks Rally as Senate Reignites Legalization Hopes

  • Cannabis companies based in the U.S. and Canada are rising in the morning hours Wednesday ahead of a Senate hearing to discuss the federal decriminalization of marijuana.
  • The Senate Judiciary Subcommittee on Crime and Terrorism, chaired by Sen. Cory Booker (D-NJ), is expected to meet on Tuesday for the discussion.
  • The meeting titled “Decriminalizing Cannabis at the Federal Level: Necessary Steps to Address Past Harms” is expected to take up a long-anticipated measure that Senate Democrats planned to introduce this week to legalize marijuana at the federal level, Marijuana Moment reported.

Stock Trading Algorithm 5

  • Notable gainers in the cannabis space include: Canopy Growth (CGC), Tilray (NASDAQ:TLRY), Aurora Cannabis (ACB), GrowGeneration (GRWG), TerrAscend (OTCQX:TRSSF), HEXO Corp. (HEXO), Sundial Growers (SNDL), OrganiGram Holdings (OGI), Cresco Labs (OTCQX:CRLBF) and Cronos Group (CRON)
  • Cannabis-related ETFs, AdvisorShares Pure US Cannabis ETF (MSOS), and Global X Cannabis ETF (POTX) are trading higher.
  • However, the U.S. Multi-State Operators represented by MSOS, along with many Canadian Licensed Producers, are in a sharp selloff this year

Cannabis and Hemp stocks Rally as Senate Reignites Legalization Hopes

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