Tilray and other cannabis stocks soar as Biden calls for marijuana scheduling review
Oct. 06, 2022 7:03 PM ETTilray Brands, Inc. (TLRY), ACB, CGC, HEXO, ACB:CA, WEED:CA, HEXO:CA, TLRY:CATRSSFBy: Jonathan Block, SA News Editor111 Comments
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- Major Canadian cannabis companies all closed markedly higher on Thursday as they appeared to be beneficiaries of comments made by US President Biden in regards to a review of marijuana as a Schedule I substance.
- Tilray Brands (NASDAQ:TLRY), which will report fiscal 2023 Q1 results on Friday before the opening bell, rose ~31% on the day. It's up another 11% in after-hours trading.
- Canopy Growth (NASDAQ:CGC), another top Canadian cannabis name, added 22%, and another 5% after hours.
- Other top Canadian cannabis firms: Aurora Cannabis (NASDAQ:ACB), HEXO Corp. (NASDAQ:HEXO), and TerrAscend (OTCQX:TRSSF).
- Biden's comments come just a month before the midterm election and as the Senate contends with the significant marijuana reform measure, the Cannabis Administration and Opportunity Act.