Weed stocks surge after Kamala Harris promises to decriminalize pot

FILE PHOTO: A fully budded marijuana plant ready for trimming is seen at the Botanacare marijuana store ahead of their grand opening on New Year’s day in Northglenn, Colorado December 31, 2013. REUTERS/Rick Wilking

(Reuters) – U.S.-listed shares of major cannabis producers surged on Thursday after Democratic vice president nominee Kamala Harris said the Biden administration would decriminalize marijuana at the federal level in the United States if they were elected.

During Wednesday night’s debate with Vice President Mike Pence, Harris said she and Democratic presidential nominee Joe Biden would also expunge the records of those that have been convicted of marijuana-related offences in the past.

Cannabis stock tracker MJ ETF MJ.P rose 5.5% in the session, its best day since early June.

Shares of Tilray Inc TLRY.O rose 19.2% on the Nasdaq, while U.S.-listed Canopy Growth Corp WEED.TO, Aphria Inc APHA.TO and Aurora Cannabis Inc ACB.TO closed between 10% and 13% higher.

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