For marijuana stocks to make meaningful gains, change has to happen from the top down. And while the ultimate hope of decriminalization at the federal level hasn't been fulfilled, investors -- and potheads generally -- got a great and unexpected piece of good news from the government at nearly the end of Thursday's trading session.
As a result, late in the trading day many North American weed stocks saw double-digit gains. Canada's Canopy Growth (NASDAQ: CGC) closed more than 22% higher, while compatriot Organigram Holdings (NASDAQ: OGI) rose by 17%. Numerous U.S.-based weedies did even better; Green Thumb Industries (OTC: GTBIF) , to name one, advanced by 33%. Even pot-adjacent stocks did well -- Scotts Miracle-Gro (NYSE: SMG) increased nearly 4%.
That afternoon, President Joe Biden announced that he is pardoning individuals convicted by the government of simple misdemeanor possession of marijuana.
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Why Pot Stocks Like Canopy Growth and Organigram Surged Higher Today