Marijuana stocks lit up Wednesday morning after multiple news outlets reported Senate Majority Leader Chuck Schumer plans to unveil a new bill to legalize marijuana for recreational use today.
In quick succession, shares of Sundial Growers (NASDAQ: SNDL) , Charlotte's Web Holdings (OTC: CWBHF) , Curaleaf Holdings (OTC: CURLF) , and Green Thumb Industries (OTC: GTBIF) all shot up anywhere from 3.4% to 4.8% -- but those gains were soon to fade. As of 11:45 a.m. EDT, we now see Curaleaf and Green Thumb up only 1.3% and 2.3%, respectively, while Sundial and Charlotte's Web are down 2.6% and 4.3%, respectively.
Image source: Getty Images.
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Why Sundial Growers, Charlotte's Web, and Other Marijuana Stocks Popped This Morning