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Tilray Brands, Inc. (NASDAQ:TLRY) and Canopy Growth Corporation (NASDAQ:CGC) shares are trading higher Friday after Germany approved the legalization of cannabis for adult use.
The Details:
Marijuana producer stocks, including Tilray and Canopy Growth, stocks are climbing after the German government approved legislation which legalizes the possession and cultivation of cannabis beginning April 1.
Canopy Growth released a statement celebrating the historic event:
“The re-classification of cannabis as a non-narcotic is a game-changer for patients and physicians who will be empowered to better explore cannabis as a viable treatment option for an expanded range of condition(s),” said Tara Rozalowsky, chief growth officer of Canopy Growth.
“We are thrilled to be able to continue serving the medical community by delivering high-quality cannabis products that meet patient needs and we look forward to increasing our already leading presence in the German medical cannabis market.”
The stocks have been rallying following a statement last Friday from Vice President Kamala Harris encouraging the DEA to quickly reschedule marijuana as a Schedule III substance.
Related News: What’s Going On With Digital World Acquisition Stock?
Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.
For example, in Tilray Brands' case, it is in the Health Care sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
TLRY, CGC Price Action: According to Benzinga Pro, Tilray Brands shares are up 11.3% at $2.17, and Canopy Growth shares are up 28.9% at $5.87 at the time of publication Friday.
Image: Wally Crawfish from Pixabay
