Shares of Cannabis Companies Are Rising due to the Information on Possible Legalizing Marijuana by Biden
OREANDA-NEWS. Shares of major cannabis producers rose sharply on October 8 after Democratic vice presidential candidate Kamala Harris said that the Joe Biden’s administration would legalize marijuana. “We will decriminalize marijuana and we will expunge the records of those who have been convicted of marijuana,” the politician said on Wednesday during a vice presidential debate.
As a result of trading on October 8, Canopy Growth rose by 13.5 %, Aphria by 10.3 %, Aurora Cannabis by 10.6 %, and Tilray by 18.3 %.
Many states in the US have already legalized the use of marijuana. Despite this, banks and other traditional financial institutions have so far refused to cooperate with the industry because access to cannabis is still restricted under federal laws, Reuters notes.“Access to safe banking will transform the industry, freeing up capital markets for investment and reducing the risk of operating a cannabis businesses,” Keith Cich, co-founder of Sunderstorm, company producing marijuana-related products, explained.