Canopy Growth Soars 32%, Aurora Cannabis and Tilray Also Rally on Legalized German Pot

CGC gained 32.1% to close at $9.55, while ACB added 12.8% to $4.75 and TLRY rose 7.4% to $2.48. Other cannabis stocks gained lesser amounts.

Shares rose after German Bundesrat President Manuela Schwesig reportedly signed measure into law that will partly legalize cannabis on April 1.

Published reports indicate that the law will allow adults to possess up to 25 grams of cannabis and grow up to three plants for personal use. The measure will then allow grown-ups to join cannabis clubs on July that can sell them up to 50 grams of weed per month (30 grams for adults under 21).

Marijuana stocks have mostly been on a tear recently amid Germany's impending legalization and U.S. Vice President Kamala Harris' recent comments that pot should come off of American regulators' Schedule 1 – a list of hard drugs like heroin.

Although cannabis stocks fell sharply on Monday, they've mostly been rising for days. For instance, Canopy Growth gained nearly 250% in the less than two weeks between hitting a $2.76 intraday low on March 14 and rising to a $9.62 intraday high on Wednesday.