Marijuana stock prices popped Wednesday (June 20) after Canada's Senate approved a bill that would legalize cannabis across the entire country.
Canada is now the second country in the world - and first in the G7 - to fully legalize marijuana. Uruguay legalized cannabis production, consumption, and sales in December 2013.
Markets anticipate companies will be able to sell marijuana legally by Labor Day weekend.
Shares of Canopy Growth Corp. (NYSE: CGC) climbed 4% on the day. Shares of Aurora Cannabis Inc. (OTCMKTS: ACBFF) added 2.6%, and Cronos Group Inc. (Nasdaq: CRON) added almost 5% on the day.
Now, let's take a look at three of the biggest cannabis stories in the news...
The Top Cannabis Stories to Know Right Now
The Senate bill passing in Canada was the big headline.
Renegade Investment Expert: "It's time to double down - or even triple down - on your cannabis investments!" Read more...
But there were plenty of other developments in the marijuana space generating buzz.
The mayors of both Denver and Thorton, Colo., are the latest members of a growing coalition of U.S. city leaders calling for decriminalization of marijuana at the federal level. This coalition aims to lobby to the Trump administration and U.S. Congress to press for greater local control of marijuana rules and regulations. These local leaders are pushing for a variety of changes, including improved banking access for marijuana companies and de-scheduling marijuana from the Controlled Substances Act.
One famous marijuana name is looking to pounce on the recent buzz on Wall Street around the legal cannabis movement. The ownership of High Times, a magazine centered on marijuana culture, said that it will launch an equity crowdfunding campaign before it applies for an initial public offering (IPO) later this year. High Times Holding Corp. is attempting to increase its valuation before it's publicly listed. The campaign would also provide non-institutional investors greater access to shares in the marijuana space than they would have in an IPO. The company said it will set a price of $11 per share. That figure is 10% below what it plans for its IPO price on the public markets.
Finally, the state of Massachusetts may grant its first recreational marijuana license. The Massachusetts Cannabis Control Commission will hold a hearing for an application for a cultivation facility in Milford, Mass. The company that is applying for the license, Sira Naturals, already grows medicinal marijuana at its facility.
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