Cannabis stocks rally after Amazon endorses legalization

By Tomi Kilgore

Cannabis stock traded broadly higher Wednesday, after ecommerce behemoth Amazon.com Inc. effectively endorsed the sector by saying it will support the federal legalization of marijuana.

The Cannabis exchange-traded fund THCX ran up 4.2% to close at $18.08, while the ETFMG Alternative Harvest ETF MJ climbed 3.4% to $21.62.

Among the more active stocks, the U.S.-listed shares of Tilray Inc. TLRY CA:TLRY surged 11.9%, Aurora Cannabis Inc. ACB CA:ACB climbed 7.8% and Cronos Group Inc. CRON CA:CRON advanced 8.7%.

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