Tilray Brands Inc TLRY, Canopy Growth Corp CGC and Aurora Cannabis Inc ACB are trading lower Thursday alongside several other cannabis stocks. So what’s going on?
Cannabis stocks have largely sustained impressive rallies from last week, led by increased investor optimism surrounding federal cannabis legalization.
The House Rules Committee held a hearing on the Marijuana Opportunity Reinvestment and Expungement (MORE) Act on Wednesday. Meetings have continued Thursday, but according to Benzinga Pro, the House is not expected to vote on the marijuana bill today. Debates are reportedly ongoing.
Cannabis stocks are popular among retail investors and have recorded outsized gains over the last few weeks. Tilray is up 43% over a one-month period, while Canopy and Aurora are up nearly 15% respectively. Despite the impressive surge, all three stocks remain well below their 52-week highs.
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