There's a lot of excitement in the cannabis industry about what a possible election win by Joe Biden might mean for pot stocks. Under President Trump, there hasn't been any significant movement on marijuana legalization.
Cannabis stock investors were clearly fired up on Wednesday, bidding up the shares of Canadian players Canopy Growth (NYSE: CGC), Tilray (NASDAQ: TLRY), and Aurora Cannabis (NYSE: ACB). Canopy Growth was the champ of the trio, advancing by 3.2% on the day, while both Tilray and Aurora rose by just under 3%. The likely catalyst was the latest official figures from Statistics Canada.
Canadian marijuana stocks soared on Monday as investors reacted to the prospects that the U.S. election results in November could improve the prospects for the cannabis industry. Shares of Aurora Cannabis (NYSE: ACB) were falling 9.3% lower as of 11:09 a.m. EDT on Tuesday. Canopy Growth (NYSE: CGC) stock was down 5.5%, while shares of Tilray (NASDAQ: TLRY) declined 4.3%.