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Cannabis stocks are on the move Friday morning with many of the major players seeing shares increasing. That includes the likes of Tilray (TSE:TLRY), Canopy Growth (NASDAQ:CGC), GrowGeneration (NASDAQ:GRWG), and Sundial Growers (NASDAQ:SNDL).
© Provided by InvestorPlace Image representing cannabis stocks.
There are two major reasons that shares of these stocks are rising today. The first has to do with a new bill making its way through the Kansas legislature. The bill passed through the House and is on its way to the state’s Senate.
The marijuana bill boosting cannabis shares like SNDL stock made it through the House with a 79-42 vote. This comes as Republicans in the state are becoming more accepting of the drug alongside fellow red states, such as Missouri and Oklahoma.
This bill will approve the use of medical marijuana in the state. That a big deal because this marks the first significant progress for marijuana in Kansas. Marijuana companies are hopeful that it will make it through the Senate as Gov. Laura Kelly supports the bill, reports KMBC 9 News.
The next major reason for the increase in cannabis stocks today is an upgrade for Tilray. Jefferies analyst Owen Bennett is behind this, calling the two companies a “perfect match”. They upgraded shares of the stock to a buy rating following the company’s successful merger with Aphria.
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The analyst said this in a letter obtained by MarketWatch.
“In Canada, a leading portfolio of brands, supported (by) an efficient cost structure. In Europe, the market is now picking up, while Tilray’s scale and Aphria’s unique German positioning make it perfectly suited to succeed. And in the US, the combined company’s broader consumer goods portfolio and strong balance sheet supports excellent optionality around both US THC and CBD.”
The upgrade for TLRY shares is also helping lift up fellow cannabis stocks. Today we’re seeing TLRY stock rise 14.8%, CGC stock climb 6.1%, GRWG stock jump 6.3%, and shares of SNDL stock soar 6.6%.
Investors that want to catch up on the latest cannabis stocks news are in luck.
InvestorPlace.com has a wealth of coverage for them to go through. That includes a look at the hottest weed stocks this month, a deeper dive into Canopy Growth, as well as a banking move from Sundial Growers. You can learn more about these topics at the links below.
More Cannabis Stocks News
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
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