World News – USA – All the news is good news for pot stock investors Tilray shares are up more than 35%

February 10, 2021

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Tilrays

The agreement with Grow Pharma to import and distribute medical cannabis products in the UK is just the latest example of how investors are embracing top stocks

The news saw Tilray shares (ticker: TLRY) rise 35% on Tuesday morning, hitting another 52-week high, stocks rose 405% in the afternoon session to $ 4237

Rival marijuana company

Canopy growth

(CGC) jumped 85% on Tuesday despite a better-than-expected quarterly loss of $ 243 a share, compared to an expected loss of 32 cents according to FactSet

On the upside, Canopy’s revenue of $ 152 million for the third quarter of fiscal year exceeded expectations, and the company said it was on track to be profitable in 2022. Shares also hit Tuesday a 52 week high

The entire pot sector is growing in the hope of wider legalization in the USAS, with friendlier faces in Congress That

ETFMG alternative harvest

Exchange Traded Fund (MJ) is up 11% that

Cannabis ETF

(THCX) is up 13% and has doubled so far this year

The

Global X Cannabis ETF

(POTX) is up 174% Tuesday and 144% this year, compared to a 4% year-to-date increase for S&P

Democrats now control both houses of Congress, even by razor-thin margins. Last week, Senate Majority Leader Chuck Schumer, along with Democratic Senators Cory Booker of New Jersey and Ron Wyden of Oregon, said they had “comprehensive cannabis reform legislation will drive forward ”

“Earlier this year we will publish a unified draft discussion on major reforms to ensure restorative justice, protect public health and implement responsible taxes and regulations,” read a statement

Other politicians have expressed their willingness to look into the issue of broader legalization It is an item on the agenda for the New York government Andrew Cuomo, who in his speech last month announced a proposal to legalize and regulate cannabis

New York estimates that legalization will generate tax revenues of $ 300 million (Cuomo seeks to close a budget deficit of nearly $ 15 billion)

Earlier this week, Virginia lawmakers passed a bill in both houses to legalize and regulate pot selling for people age 21 and older. When the governor signs the law there, he would join Illinois and Vermont as states to settle the matter Thirteen other states have legalized it through voter groups, according to the Marijuana Policy Project

However, cannabis company stocks are also getting attention for their potential to get involved in business operations.Canopy got a new CEO in December 2019, sparking speculation

Constellation Brands

(STZ) would try to buy the 65% of Canopy that it doesn’t already own. That’s because the new CEO, David Klein, is a former executive director of US Liquor company

Tilray’s agreement with Grow Pharma provides a platform for further expansion into the European medical marijuana market

Sascha Mielcarek, Tilray’s managing director in Europe, said in a statement: “As demand in the US continues to growKTilray is well positioned to be a leader in medical cannabis products. Regulations are moving forward as more countries across Europe recognize the benefits of medical cannabis and its potential to improve the quality of life for patients ”

Other pot stocks will also trade higher on Tuesday

Flowr

(FLWR-CA) increased by 11%,

OrganiGram Holdings

(OGI-CA) increased by 26%,

Aurora cannabis

(ACB) jumped 88% and

Cronos Group

(CRON) rose 63%

Aphria

(APHA) up 19% In December, the company announced a plan to merge with Tilray worth $ 685 million to create the world’s largest cannabis company

Both companies are based in Canada and have the advantage of being a “first mover” when it comes to expanding opportunities in overseas markets, according to Cantor Fitzgerald analyst Pablo Zuanic, who recently raised the price target for Aphria and has retained a buy rating

Tilray’s agreement with Grow Pharma to import and distribute medicinal cannabis products in the UK is just the latest example of how investors are accepting top stocks

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