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Cannabis Stocks Gain on Hopes of Being Legalized, Buyback Boosts Sundial By Investing.com

Cannabis Stocks Gain on Hopes of Being Legalized, Buyback Boosts Sundial © Reuters

By Dhirendra Tripathi

Investing.com – Cannabis stocks rose Friday on reports Republican Rep. Nancy Mace from South Carolina has floated a bill that seeks to legalize weed.

Sundial Growers (NASDAQ:SNDL) was the biggest gainer, rising 17%. The company’s up to C$100 million (around $79 million) share repurchase plan added momentum to the stock.

Aurora (NASDAQ:ACB) jumped 4% while Canopy Growth (NASDAQ:CGC) and Tilray (NASDAQ:TLRY) were both up around 3.5%. Cronos Group (NASDAQ:CRON) rose 1.2%.

Sundial’s share repurchase expires November 19, 2022. Notwithstanding the repurchase amount, Sundial said it may only purchase a maximum of 102.8 million shares, representing around 5% of the outstanding equity.

Weed stocks have been on a tear since Marijuana Moment reported that Mace is proposing to amend the Controlled Substances Act.

The bill favors scrapping cannabis from Schedule I of the act to legalize it and tax cannabis at the federal level in the U.S.