- NASDAQ:SNDL gained 6.47% during Thursday’s trading session.
- The US Senate could be proposing some cannabis legislation reforms in the near future.
- Aurora Cannabis makes a splash as the cannabis sector continues to consolidate.
NASDAQ:SNDL jumped higher out of the gate on Thursday as a key member of the US Senate is working hard to propose a bipartisan reform package. Shares of SNDL added 6.47% and closed the trading session at a price of $2.96. As the Jackson Hole Symposium got under way in Wyoming, stocks rallied for their second straight positive day ahead of Fed Chairman Jerome Powell’s key speech on Friday. Overall, the Dow Jones added 322 basis points, the S&P 500 rose by 1.41%, and the NASDAQ posted a gain of 1.67% during the session.
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Cannabis stocks were on the rise on Thursday as news out of the US Senate had investors excited. While full federal legalization is still not in the cards, it was revealed that Senate Majority Leader Chuck Schumer has been holding some bipartisan discussions to push some incremental reform to the industry. Federal legalization simply does not have the number of votes needed to pass through the Senate, even though many Senators acknowledge that it is what the US citizens are demanding. Not surprisingly, cannabis stocks were on the rise led by Tilray (NASDAQ:TLRY) which recorded a 9.57% gain for the day.
SNDL stock price
Another Canadian cannabis giant was making headlines on Thursday. Aurora Cannabis (NASDAQ:ACB) officially acquired a controlling interest in Bevo Farms, a company that is one of the largest suppliers of ornamental plants and propagated vegetables in North America. Bevo is a profitable and cash flow positive business which should immediately help Aurora’s financial situation. Shares of ACB were up by 8.28% on Thursday.
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