According to market reports, several U.S.-listed shares of major cannabis producers surged on Thursday after Democratic vice presidential nominee Kamala Harris said marijuana would be decriminalized at a federal level in the United States under a Biden administration. During Wednesday night’s debate with Vice President Mike Pence, Harris said she and Democratic presidential nominee Joe Biden would also expunge the criminal records of people convicted of marijuana-related offenses. Cannabis stock tracker MJ ETF MJ.P rose 5.5% to mark its best session since early June, while Tilray Inc TLRY.O jumped 19.2% on the Nasdaq. U.S.-listed shares of Canopy Growth Corp WEED.TO, Aphria Inc APHA.TO and Aurora Cannabis Inc ACB.TO closed between 10% and 13% higher. Even though many U.S. states have legalized marijuana use, banks and other traditional financial institutions have so far largely refused to work with the industry as cannabis is still a classified substance at the federal level.
Shariq Khan, Business & Financial News, U.S & International Breaking News | Reuters, 10/08/2020 16:48:56