Cannabis investors today are reacting to a historic development in the industry on Friday. The stocks of Canada-based marijuana companies Tilray Brands (NASDAQ: TLRY) , Aurora Cannabis (NASDAQ: ACB) , and SNDL (NASDAQ: SNDL) (formerly Sundial Growers) all jumped early Monday. Tilray shares soared nearly 12%, while Aurora and SNDL stocks were up between about 6% and 7% in early trading.
Those gains didn't hold, but more good news might be coming for these stocks before the end of the year. As of 3:02 p.m. ET today, Tilray shares were up 0.2%, SNDL was lower by 1.1%, and Aurora shares had dropped by 2.9%.
On Friday, President Joe Biden signed the Medical Marijuana and Cannabidiol Research Expansion Act into law. That marked the first time in U.S. history that an individual federal cannabis-reform bill was made into law. The new law, the White House says, "establishes a new registration process for conducting research on marijuana and for manufacturing marijuana products for research purposes and drug development." But further hope for additional federal action in the cannabis sector before the year ends boosted the sector today.
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Why Tilray and Other Pot Stocks Jumped Early Monday