Stock rally ignites gains in pot stocks while Senate OK's bill language to allow VA doctors to recommend cannabis in legal states

Cannabis company stocks joined in with the market rally on Thursday, with big gains throughout most of the sector. Curaleaf Holdings Inc. (CURLF) rose by 4.7%, Verano Holdings Corp. (VRNOF) jumped 5.7%, Green Thumb Industries Inc. (GTBIF) rose 7.1%, Trulieve Cannabis Corp. (TCNNF) moved up by 3.9%, Tilray Brands Inc. (TLRY) rose by 6%, Canopy Growth Corp. (CGC) rose 8.8% and Ascend Wellness Holdings Inc. (AAWH) rose 6.8%. The AdvisorShares Pure U.S. Cannabis ETF (MSOS) rose 4.2% and the ETFMG Alternative Harvest ETF (MJ) rose 5%. Sitting out the rally, Cresco Labs (CRLBF) traded unchanged and Ayr Wellness (AYRWF) fell by 2.4%. The U.S. Senate on Wednesday voted 82-15 to approve the Military Construction, Veterans Affairs, and Related Agencies (MilConVA) measure, which includes a provision to permit doctors at the U.S. Department of Veterans Affairs (VA) to recommend medical marijuana to patients living in legal states, as initially reported by Marijuana Moment. The final bill will come after a conference with the House's approved version of the measure, which also contained similar language for VA doctors.

-Steve Gelsi

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11-02-23 1408ET

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