Cannabis Stocks Alert: Why Are SNDL, CLVR, TLRY, CGC, LFLY Stocks on Watch Today?

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Many Americans traditionally view today, April 20, as a holiday that celebrates cannabis. As a result, some investors anticipate that cannabis stocks will rally today.

marijuana stocks Hand gently holding rich soil for his marijuana plants
Source: Jetacom Autofocus / Shutterstock.com

Also noteworthy is that Leafly’s (NASDAQ:LFLY) CEO, Yoko Miyashita, rang the Nasdaq’s opening bell this morning to kick off the pot holiday.

“Leafly’s online marketplace lets customers shop and select cannabis products from licensed retailers,” GeekWire reported. Founded in 2010, Leafly became a public company in February 2022. It now “has over 125 million annual visitors and sells advertising to stores and brands.”

What Is Going on With Cannabis Stocks?

Beyond just being a holiday, there are other catalysts for investors to note with cannabis stocks. For instance, U.S. legal marijuana sales will climb 16% today versus the same day last year to a record $130 million, predicted Akerna, which is described by Adweek as a “cannatech firm.”

On the cannabis legalization front, the U.S. House of Representatives on April 1 passed a bill that would end the federal ban on cannabis while letting states decide the drug’s legal status within their borders. In 2021, legal marijuana sales rose 40% versus 2020 to $25 billion.

Other cannabis stocks on watch include Sundial Growers (NASDAQ:SNDL), Clever Leaves (NASDAQ:CLVR), Tilray (NASDAQ:TLRY) and Canopy Growth (NASDAQ:CGC)

On the date of publication, Larry Ramer 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.


Article printed from InvestorPlace Media, https://investorplace.com/2022/04/cannabis-stocks-alert-why-are-sndl-clvr-tlry-cgc-lfly-stocks-on-watch-today/.

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