Hashish shares achieve hope for legalization, buyback strengthens sundial

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From Dhirendra Tripathi – Cannabis stocks rose Friday after reports from South Carolina Republican Nancy Mace who passed legislation to legalize weed.

Sundial Growers (NASDAQ 🙂 was the biggest winner, up 17%. The company's share buyback plan of up to $ 100 million (approximately $ 79 million) has added momentum to the stock.

Aurora (NASDAQ 🙂 rose 4% while Canopy growth (NASDAQ 🙂 and Tilray (NASDAQ 🙂 both gained around 3.5%. Cronos Group (NASDAQ 🙂 rose 1.2%.

Sundial's share buyback expires on November 19, 2022. Regardless of the repurchase amount, Sundial is only allowed to buy a maximum of 102.8 million shares, which corresponds to approximately 5% of the outstanding equity.

Ever since Marijuana Moment reported that Mace was proposing to amend the Controlled Substances Act, weed stocks have been on the line.

The bill advocates removing cannabis from Appendix I of the law in order to legalize it and tax cannabis at the federal level in the United States.

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