Shares of several cannabis stocks, including Aurora Cannabis Inc ACB, Canopy Growth Corp CGC, Cronos Group Inc CRON, Sundial Growers Inc SNDL and Tilray Inc TLRY, are trading higher Monday. Shares of cannabis companies at large are trading higher on continued volatility following reports last week that Senate Democrats are planning to introduce a marijuana decriminalization bill this week.
What Happened?
Per a Bloomberg report last week, Senate Democrats planned to introduce a bill to decriminalize marijuana at the federal level this week, a person familiar with the matter said. Bloomberg says the legislation still faces long odds in the evenly divided chamber.
Why it Matters
Shares of several cannabis stocks last saw marked strength in March and were trading higher following reports indicating The House Rules Committee had meeting to prep federal marijuana legalization bill for floor action.
The sector has otherwise been trading lower in sympathy with the broader market in 2022. Investors continue to weigh the economic impact of Federal Reserve policy tightening as well as the impact of higher rates on growth stock valuations.
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