Why Tilray, Sundial And Canopy Growth Are Seeing High Interest From Retail Investors

Cannabis companies Tilray Brands Inc. TLRY, Sundial Growers Inc. SNDL and Canopy Growth Corp. CGC are seeing high interest from retail investors as of late Thursday.

What Happened: Tilray and Sundial are the second and eleventh most discussed stocks on Reddit’s r/WallStreetBets forum as at press time, data from Quiver Quantitative showed.

Meanwhile, Tilray and Canopy Growth are trending in the second and third positions respectively on Stocktwits.

See Also: How To Buy Tilray (TLRY) Stock

Why It Matters: Shares of several cannabis companies surged on Thursday after it was reported that the U.S. House of Representatives plans to vote on a bill to federally legalize marijuana next week.

The legislation would reportedly remove cannabis from the list of federally controlled substances.

Cannabis companies emerged as favorites of retail investors last year and were trending on Reddit investor forum r/WallStreetBets, which has 11.8 million members.

Optimism that cannabis reforms would make it easier for these companies to do business has led to a renewed retail-investor interest in these stocks.

Price Action: Tilray shares closed 21.9% higher in Thursday’s regular trading session at $6.97 and further gained 17.7% in the after-hours session to $8.22, according to data from Benzinga Pro.

Sundial shares closed 23.1% higher in the regular trading session at $0.75 and further rose 16.1% in the after-hours session to $0.87.

Canopy Growth shares closed 11.4% higher in the regular trading session at $7.90 and further gained 15.2% in the after-hours session to $9.10.

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