2 Cannabis Stocks That Were Recently Upgraded By StockNews

0
18

© Reuters. 2 Cannabis Stocks That Were Recently Upgraded

A flurry of positive news releases related to state-level marijuana legalization and significant progress on cannabis reform at the federal level are making analysts optimistic about the upside potential of several fundamentally sound stocks in the cannabis sector. For example, the industry’s promising outlook has encouraged analysts to upgrade Canopy Growth (NASDAQ:) and Tilray (NASDAQ:). So, let’s discuss.With Amazon Inc. (NASDAQ:) now actively supporting The Marijuana Opportunity Reinvestment and Expungement Act of 2021 (MORE Act)—federal legislation that would decriminalize cannabis at the federal level and enact criminal and social justice reforms—cannabis stocks are once again grabbing the limelight. On June 1, in a blog post, Amazon’s worldwide consumer division CEO Dave Clark said, “We hope other employers will join us, and that policymakers will act swiftly to pass this law.”

Support for marijuana legalization is at an all-time high now. Last month, Jerry Nadler, the U.S. House Judiciary Committee Chairman, reintroduced the MORE Act amid a strong cry for federal level reform from social justice advocacy groups and growing support for marijuana legalization at the state level. This, along with the U.S. Drug Enforcement Administrations’ recent announcement that it would be issuing licenses to several cannabis growing facilities, has made analysts extremely optimistic about the industry’s growth prospects.

Furthermore, analysts recently upgraded the ratings of prominent cannabis players Canopy Growth Corporation (CGC) and Tilray, Inc. (TLRY). And we think their diverse product portfolios and expansive distribution networks should help the stocks to deliver solid returns in the near term.

Continue reading on StockNews

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.