Cannabis stocks get a big boost after veep-candidate Kamala Harris said Biden administration would decriminalize marijuana – MarketWatch

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Shares of cannabis companies enjoyed a broad rally Thursday, amid growing hopes of federal decriminalization following comments from vice-presidential candidate Sen. Kamala Harris.

“[W]e will decriminalize marijuana, and we will expunge the records of those how have been convicted of marijuana,” Harris said in the vice-presidential debate late Wednesday.

The Cannabis ETF THCX, +5.43% shot up 5.0% in afternoon trading. It has now run up 12.6% since closing at a four-month low two weeks ago.

Among some of the ETF’s more active components, the U.S.-listed shares of Aphria Inc. APHA, +12.74% APHA, +11.78% soared 11.7%, Aurora Cannabis Inc. ACB, +9.54% ACB, +6.20% shot up 6.2%, Canopy Growth Corp. CGC, +10.30% WEED, +8.65% climbed 9.0% and Tilray Inc. TLRY, +18.75% rallied 13.7%.

Shares of Corona beer brewer Constellation Brands Inc. STZ, +1.37%, which has made a large investment in Canopy Growth, tacked on 1.4%.

The likelihood of former-Vice President Joe Biden winning the presidential election next month has increased recently, after the latest polls showed Biden widening his lead over President Trump.

Don’t miss: President Trump loses big edge over Biden on the economy as election looms.

Also read: Here’s how Trump’s positive coronavirus test has shaken up the campaign — plus what could happen next.

Elsewhere, shares of Cronos Group Inc. CRON, +9.11% CRON, +6.79% rallied 7.3%, Curaleaf Holdings Inc. CURLF, +10.16% CURA, +9.60% surged 10.1%, OrganiGram Holdings Inc. OGI, +10.45% hiked up 8.8% and Trulieve Cannabis Corp. TCNNF, +4.80% TRUL, +4.41% advanced 4.8%.

The Cannabis ETF has still tumbled 27.4% year to date, while the S&P 500 index SPX, +0.55% has gained 6.5%.

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