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Shares of cannabis companies enjoyed a broad rally Thursday, amid growing hopes of federal decriminalization following comments from vice-presidential candidate Sen. Kamala Harris.
“[W]e will decriminalize marijuana, and we will expunge the records of those how have been convicted of marijuana,” Harris said in the vice-presidential debate late Wednesday.
The Cannabis ETF THCX, +7.37% shot up 7.4% to close at a three-week high of $9.32. It has run up 15.2% since closing at a four-month low two weeks ago.
Among some of the ETF’s more active components, the U.S.-listed shares of Aurora Cannabis Inc. ACB, +10.62% ACB, +9.96% shot up 10.6%, Aphria Inc. APHA, +10.31% APHA, +10.30% jumped 10.3%, Canopy Growth Corp. CGC, +13.52% WEED, +12.98% climbed soared 13.5% and Tilray Inc. TLRY, +18.26% ran up 18.3%.
Shares of Corona beer brewer Constellation Brands Inc. STZ, +2.02%, which has made a large investment in Canopy Growth, tacked on 2.0%.
The likelihood of former-Vice President Joe Biden winning the presidential election next month has increased recently, after the latest polls showed Biden widening his lead over President Trump.
Don’t miss: President Trump loses big edge over Biden on the economy as election looms.
Also read: Here’s how Trump’s positive coronavirus test has shaken up the campaign — plus what could happen next.
Elsewhere, shares of Cronos Group Inc. CRON, +9.96% CRON, +8.92% rallied 10.0%, Curaleaf Holdings Inc. CURLF, +10.46% CURA, +10.02% surged 10.5%, OrganiGram Holdings Inc. OGI, +11.50% hiked up 11.5% and Trulieve Cannabis Corp. TCNNF, +6.80% TRUL, +6.38% advanced 6.8%.
The Cannabis ETF has still tumbled 25.7% year to date, while the S&P 500 index SPX, +0.80% has gained 6.7%.
