Why Cannabis Stocks Are Popping Off Today

Shares of cannabis companies, including Aurora Cannabis Inc ACB, Canopy Growth Corp CGC, Cronos Group Inc CRON, Sundial Growers Inc SNDL and Tilray Inc TLRY, are trading higher after President Biden issued a statement on marijuana reform, which mentioned pardoning 'all prior federal offenses of simple marijuana possession.'

The statement, issued via Twitter, in part states:

• "First: I’m pardoning all prior federal offenses of simple marijuana possession. There are thousands of people who were previously convicted of simple possession who may be denied employment, housing, or educational opportunities as a result. My pardon will remove this burden."
• "Second: I’m calling on governors to pardon simple state marijuana possession offenses. Just as no one should be in a federal prison solely for possessing marijuana, no one should be in a local jail or state prison for that reason, either."
• "Third: We classify marijuana at the same level as heroin – and more serious than fentanyl. It makes no sense. I’m asking @SecBecerra and the Attorney General to initiate the process of reviewing how marijuana is scheduled under federal law."

Aurora Cannabis is trading higher by 8.0% at $1.34

Canopy Growth is trading higher by 22.2% at $3.75

Cronos Group is trading higher by 12.8% at $3.34

Sundial Growers is trading higher by 20.4% at $2.72

Tilray is trading higher by 25.5% at $3.74

More Insight Into Biden's Cannabis Pardons

Right after the news was announced, Benzinga's Javier Hasse and Elliot Lane discussed the implications of this decision with Brady Cobb, CEO/founder of Sunburn Cannabis and longtime cannabis advocate, and Christopher Eggers, president and CEO of CC Security Solutions, on their Cannabis Insider show.