Pot stocks get boost after VP debate
During last week’s vice presidential debate, Democratic candidate Kamala Harris said a Joe Biden administration would “decriminalize marijuana” and “expunge the records of those who have been convicted of marijuana.”
As Reuters reports, the statement sent cannabis stocks soaring.
Cannabis stock tracker MJ ETF (MJ.P) rose 5.5% to mark its best session since early June, while Tilray Inc (TLRY.O) jumped 19.2% on the Nasdaq. U.S.-listed shares of Canopy Growth Corp (WEED.TO), Aphria Inc (APHA.TO) and Aurora Cannabis Inc (ACB.TO) closed between 10% and 13% higher.
Biden and Harris both have complicated histories when it comes to cannabis policy. Biden previously referred to marijuana as a “gateway drug” and opposed recreational legalization. Harris once prosecuted people for marijuana crimes.
They’ve both come a long way — particularly Harris. She is the lead sponsor of the Marijuana Opportunity, Reinvestment and Expungement (MORE) Act of 2019, which would end federal prohibition of cannabis, expunge federal non-violent cannabis convictions, and provide opportunities for resentencing.