Aurora Cannabis, Canopy Growth and Other Pot Stocks Rally as Florida Legalization Bid Advances
$Aurora Cannabis(ACB.US$ and other marijuana stocks got high Wednesday after the Florida Supreme Court cleared the way for Sunshine State voters to consider legalizing weed.
ACB soared as much as 25% to a $6.25 intraday peak, while $Canopy Growth(CGC.US$ added as much as 10.2% to $9.20 and $High Tide(HITI.US$ gained as much as 17.1% to a nearly two-year high of $2.60.
The sector rallied after the Florida Supreme Court reportedly ruled on Tuesday that a proposal to legalize recreational marijuana in the state can go before voters this November.
Pot stocks had already been rising recently on other catalysts, such as Germany partially legalizing recreational marijuana on April 1. U.S. Vice President Kamala Harris also recently called on the federal Drug Enforcement Administration to remove cannabis from Schedule 1, its list of hard drugs like heroin.
Those reports have helped marijuana stocks soar over the past few weeks. For example, $Canopy Growth Corp(WEED.CA$ gained 233.3% in the less than three weeks between the stock's $2.76 intraday low on March 14 and its $9.20 intraday peak during Wednesday's session.
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ScottBreckenridge : yeah, they stabbed us in the back with legislature, <2016> no thank you