Mexico is getting closer to legalizing marijuana and the news has shares of several weed stocks heading higher on Thursday.
This news comes after Mexico’s lower chamber approved a bill that would legalize the recreational use of marijuana. The bill now needs approval from the Senate and then the signature of Mexico’s President before it becomes law.
There’s a strong chance that this new bill will lead to the legalization of marijuana in Mexico. Mexican President Andrés Manuel López Obrador supports legalization and his part is in control of the Senate. The country’s Supreme Court is also pushing for laws and regulations legalizing the drug, reports Reuters.
All of this news is great for weed stocks as it means a potential growing customer base for their business. Here are the biggest winners today on the news.
- Aurora Cannabis (NYSE:ACB) — Shares of ACB stock are up 1.7% as of Thursday morning.
- Canopy Growth (NASDAQ:CGC) — CGC stock was up 3.2% in the early hours of the day.
- Tilray (NASDAQ:TLRY) — TLRY stock saw a 3.1% increase as of this writing.
- GrowGeneration (NASDAQ:GRWG) — GRWG stock got a 4.9% boost from the news.
- Aphria (NASDAQ:APHA) — APHA stock rose 3.1% higher in morning trading.
- Cronos Group (NASDAQ:CRON) — Shares of CRON stock jumped 2.6% this morning.
Investors will want to keep an eye on these weed stocks over the next few days as the Mexico marijuana legalization story develops. More good news from the country could continue to push these stocks higher.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.