Shares of Canadian cannabis companies Hexo (NYSE: HEXO) , Cronos Group (NASDAQ: CRON) , and Tilray (NASDAQ: TLRY) rocketed 76.5%, 65.6%, and 58.3% higher, respectively, during November, according to data from S&P Global Market Intelligence .
The surge in these Canadian cannabis companies was due to the November U.S. elections, which will bring a more cannabis-friendly administration into the White House. Just as importantly, marijuana ballot measures went five for five in the U.S. election across both red and blue states, indicating broad support for cannabis decriminalization in the massive U.S. market.
Still, it's curious that these three Canadian companies surged so much on news from a neighboring country, especially given that their recent operating results have mostly been lackluster, and an incoming administration is unlikely to decriminalize cannabis at the federal level.
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Why Hexo, Cronos Group, and Tilray Surged as Much as 76.5% in November