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TLRY, ACB stocks rally as Senate meeting reignites legalization hopes (NASDAQ:TLRY)

  • July 28, 2022

Symbol for Marijuana Legalization.  Dice form the word

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Cannabis companies based in the US 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 the Senate Democrats planned to introduce this week to legalize marijuana at the federal level, Marijuana Moment reported.

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)

Other tickers of interest: Trulieve Cannabis (OTCQX:TCNNF), Columbia Care (OTCQX:CCHWF), Green Thumb Industries (OTCQX:GTBIF), MedMen Enterprises (OTCQB:MMNFF), Acreage Holdings (OTCQX:ACRGF) (OTCQX:ACRHF) (OTCQX:ACRDF), Ayr Wellness (OTCQX:AYRWF), Verano Holdings (OTCQX:VRNOF) and Verano Holdings (OTCQX:VRNOF), Jushi Holdings (OTCQX:JUSHF).

Cannabis-related ETFs, AdvisorShares Pure Cannabis ETF (YOLO), Amplify Seymour Cannabis ETF (CNBS), ETFMG Alternative Harvest ETF (MJ), AdvisorShares Pure US Cannabis ETF (MSOS), and Global X Cannabis ETF (POTX) are also trading higher .

However, the US Multi-State Operators represented by MSOS, along with many Canadian Licensed Producers, are in a sharp selloff this year, as shown in this graph.

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