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Friday, December 2, 2022

Why Pot Stocks Like Umbrella Growth and Organigram Are Higher Today

What happened

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For marijuana stocks to make meaningful gains, the change must happen from top to bottom. And while the ultimate hope for federal decriminalization did not materialize, investors – and traders in general – received some good and unexpected news from the government around the end of Thursday’s trading session.

As a result, late in the trading day, many North American weed stocks saw double-digit gains. Canada canopy growth (CGC 22.15%) More than 22% closed higher, while fellow Organigram collectibles (OGI 17.14%) by 17%. Many weeds in the United States did better; green thumb industries (GTBIF 30.33%)To name a few, I got 33% ahead. Even the stock next to the bowl did well – Scotts Miracle-Grow (SMG 3.60%) It increased nearly 4%

That afternoon, President Joe Biden announced that he was pardoning individuals the government had convicted of a minor misdemeanor of marijuana possession.

In one fell swoop, this not only reduces the legal stigma attached to the drug, but builds momentum for lawmakers to eventually pull the decriminalization lever — which would in fact lead to cannabis Legal consumption and sale throughout the country.

As president, Biden doesn’t usually make spontaneous or half-thought-out moves. Accompanied by the pledge, he said he’s also using the federal Departments of Justice and Health and Human Services to review how fate should be viewed under the nation’s laws.

This growing momentum can only help, and significantly, all of the drug’s producers, distributors, retailers and consumers. The potential benefits of working Green Thumb and – in conjunction, Scotts Miracle-Gro – are clear.

However, that should come as a boon for Canadian businesses as well, as the path to success from its competitive and somewhat limited national market is its broad American consumer base — which is why Canopy Growth, Organagram, and others north of our borders have also gained weed in the news.

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