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Cannabis Stocks Gain on Hopes of Being Legalized, Buyback Boosts Sundial -Breaking

by Mike Robinson

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© Reuters

By Dhirendra Tripathi

Investing.com – Cannabis stocks rose Friday on reports Republican Rep. Nancy Mace from South Carolina has floated a bill that seeks to legalize weed.

Sundial Growers, NASDAQ: was the largest gainer with a 17% increase. The company’s up to C$100 million (around $79 million) share repurchase plan added momentum to the stock.

Aurora (NASDAQ: ) rose 4% during Canopy Growth Tilray and (NASDAQ:), both were up 3.5%. Cronos Group (NASDAQ: ) rose 1.2%

Sundial’s option to repurchase shares expires Nov 19, 2022. Sundial claimed that, regardless of the amount of the share repurchase, it could only buy 102.8 millions shares. This represents approximately 5% equity.

Marijuana Moment reports that Mace proposes to amend the Controlled Substances Act. Weed stocks are on the rise.

To legalize cannabis and to tax it at the federal level, the bill supports the removal of cannabis from Schedule I.

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