CGC - Why Marijuana and CBD Stocks Were Buzzing Today
2024-03-27 18:34:58 ET
A combination of fiscal news from Canada's largest province and the results of a new marijuana legalization poll in the U.S. drove the prices of marijuana stocks upward on Wednesday.
Companies on both sides of the border saw nice share price pops. SNDL (NASDAQ: SNDL) gained nearly 12%, and fellow Canadian weedie Canopy Growth (NASDAQ: CGC) surged ahead by 32%. U.S.-headquartered cannabidiol (CBD) products specialist Charlotte's Web (OTC: CWBHF) also had a good day, with its stock closing up by almost 8%.
The big tailwind for the Canadian stocks was the release of the 2024-2025 fiscal year budget for Ontario, by far the most populous of the country's 10 provinces. The document revealed that the provincial government anticipates earning 604 million Canadian dollars ($445 million) from taxes on cannabis sales. That forecast slightly exceeds the CA$586 million ($432 million) tally of the previous fiscal year.
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Why Marijuana and CBD Stocks Were Buzzing Today