Cannabis stocks are coming off their high today as investors react to the new marijuana legalization bill introduced to the U.S. Senate.
While investors might think the introduction of the bill would boost the price of cannabis stocks, that’s not the case. This is due to all that the bill seeks to cover. Among that is ending the federal prohibition of the drug, criminal justice reform, as well as new taxes on pot products.
That might sound good on paper, but getting the support to actually pass the bill seems unlikely. A lack of support on both sides will likely keep it from reaching the 60 votes need to pass. Also, the White House has expressed interest in a more limited version of marijuana legalization or decriminalization.
Unfortunately for cannabis stocks, it looks like this bill could fail and marijuana legalization won’t come to pass this semester. However, Democrats could try again next year depending on how the mid-term elections go this fall.
With that said, let’s go over how today’s news is affecting cannabis stocks below.
Cannabis Stocks Falling on Thursday
- Tilray (NASDAQ:TLRY) stock kicks off the list with the company’s shares falling 3.6% as of Thursday afternoon.
- Sundial Growers (NASDAQ:SNDL) stock joins the list with shares sliding 4.3% lower today.
- Canopy Growth (NASDAQ:CGC) claims its spot among its rivals with an 8.9% decrease.
- Aurora Cannabis (NASDAQ:ACB) stock is heading 7.6% lower as of this afternoon.
- GrowGeneration (NASDAQ:GRWG) shares close out our cannabis stocks with an-almost-1% drop on Thursday.
There’s more hot stock news traders will want to read about below!
We’ve got all the latest stock news with our daily coverage of the market. For Thursday, that includes what’s happening with shares of Tesla (NASDAQ:TSLA), Teladoc (NYSE:TDOC) and Ford (NYSE:F) stock. You can read up on all of that news at the following links!
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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.