What's Going On With Marijuana Stocks Tilray And Canopy Growth As Germany Legalizes Pot?
Portfolio Pulse from Erica Kollmann
Shares of Tilray Brands, Inc. (NASDAQ:TLRY) and Canopy Growth Corporation (NASDAQ:CGC) surged after Germany legalized cannabis for adult use. The legislation, effective April 1, allows possession and cultivation of cannabis. Canopy Growth hailed the move as a game-changer for medical cannabis. The stocks' rally was also influenced by VP Kamala Harris's statement last Friday, urging the DEA to reclassify marijuana as a Schedule III substance.
March 22, 2024 | 3:30 pm
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Canopy Growth Corporation shares climbed after Germany's cannabis legalization and a supportive statement from VP Kamala Harris.
Canopy Growth's stock rally is attributed to the legalization in Germany, where it has a leading presence, and optimism from the U.S. political environment towards marijuana, potentially expanding its market.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90
POSITIVE IMPACT
Tilray Brands, Inc. shares surged following Germany's legalization of cannabis and VP Kamala Harris's statement on reclassifying marijuana.
Tilray's stock price increase is directly linked to Germany's legalization of cannabis, a significant market for Tilray, and the potential U.S. federal reclassification of marijuana, which could further open up the market.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90