Cannabis stocks soar on Biden win, legalization hopes and solid results

Canopy Growth (CGC) surged 10% and Aurora Cannabis (ACB) jumped 20% after both reported higher-than-forecast sales and narrowing losses. Tilray (TLRY), which will report its results after the closing bell Monday, was also up 10%.
Other cannabis stocks rallying Monday include global cannabis leader Curaleaf (CURLF), Aphria (APHA) and Cronos (CRON), which has a big investment from tobacco giant and Marlboro owner Altria (MO).
Industry executives are clearly happy about the election outcomes at both the federal and state levels. The chief executive officer of Canopy, which has the financial backing of Corona owner Constellation Brands (STZ), was particularly upbeat about what the changes in the political landscape might mean for the industry.

“We believe the Biden win is an important step on the path to federal permissibility of cannabis in the U.S. market through decriminalization and descheduling,” said Canopy CEO David Klein on a conference call with analysts.

“The results of the…

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