SNDL - Why Marijuana Stocks Are Hopping Again on Tuesday
2024-03-26 12:04:04 ET
Marijuana stocks are red hot Tuesday, as investors digest the latest cannabis news. And what news we've got! Last week, Vice President Kamala Harris voiced plans " to legalize marijuana " in the U.S. In just a few days, Germany will do just that, decriminalizing both marijuana possession and home cultivation of cannabis effective April 1 .
Investors who pocketed gains yesterday are lining up to buy more on Tuesday. As of 10:40 a.m. ET, shares of marijuana stocks Cronos Group (NASDAQ: CRON) , SNDL (NASDAQ: SNDL) , and Canopy Growth (NASDAQ: CGC) are up 4.8%, 8.3%, and 11.8%, respectively.
There's good reason for optimism. While U.S. federal marijuana legalization may or may not happen, support is building in Congress for legislation making sales at the state level -- where 24 states have fully legalized weed -- more profitable for the companies that sell it.
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Why Marijuana Stocks Are Hopping Again on Tuesday