Canadian cannabis stocks soared Monday morning, with Tilray Brands (NASDAQ: TLRY), Canopy Growth (NASDAQ: CGC), and Aurora Cannabis (NASDAQ: ACB) spiking between 11% and 17% in earlier trading. As of 1:50 p.m. ET, Tilray remained up 6.3%, while Canopy Growth and Aurora were 16.5% and 7.1% higher, respectively. The jumps come as there continues to be hope for some level of marijuana legalization legislation making it through the U.S. Senate this year.
The U.S. market for cannabis is staggering, according to Tilray CEO Irwin Simon — even as it awaits a green light from Congress.
On July 15, a high-profile meeting about cannabis law in the E.U. between delegations from Germany, Malta, Luxembourg, and the Netherlands yielded an enigmatic yet telling tidbit about the future of legalization. When paired with Germany's moves in June to start the process of legalizing marijuana by evaluating the relevant consumer protection standards and holding hearings, it's clear that a green wave of legalization in the E.U. could be building, and rapidly.