Investors are wondering why are marijuana stocks up today and we’ve got the answers to that question!
Cannabis stocks are on the move today as investors hold out hope for the legalization of the drug in the U.S. The newest glimmer of light lifting their spirits comes from South Carolina House Rep. Nancy Mace.
The Republican Representative is reportedly planning to introduce a new bill that would deschedule and regulate marijuana. If true, that could be just the catalyst needed for the drug to actually reach legalization.
The idea of marijuana facing federal legalization is nothing to scoff at. The idea has been thrown around for years now but never acted on. Even so, rumors of it happening always perk up the ears of traders looking to profit from rising pot stocks, CNBC notes.
Now that we know why marijuana stocks are up today, let’s take a look at how they’re doing below!
Marijuana Stocks Up Today
- Sundial Growers (NASDAQ:SNDL) stock is rising 15.6% as of Wednesday afternoon and is up 50.8% since the start of the year. There’s also other news sending it higher today.
- Tilray (NASDAQ:TLRY) shares are getting a 2.9% boost as of this writing and are up 35.7% year-to-date.
- Aurora Cannabis (NASDAQ:ACB) stock joins the list of growing weed shares with a 3.8% increase this morning but is down 17.4% since the start of 2021.
- Canopy Growth (NASDAQ:CGC) shares close out our gaining pot stocks with a 4.4% jump despite a 46% decrease YTD.
With the why are marijuana stocks up today question answered, consider checking out some other hot stock news below!
We’ve got all the latest market happenings that traders need to know about. For Friday, that includes why HeartBeam (NASDAQ:BEAT), Johnson & Johnson (NYSE:JNJ) shares are rising, as well as this morning’s pre-market stock movers. You can get up to speed on that at the following links!
More Friday Stock Market News
- HeartBeam IPO: Why BEAT Stock Has Investors’ Hearts Racing Friday
- JNJ Split: 10 Things for Investors to Know About Johnson & Johnson’s Breakup Plans
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Friday
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.