Momentum for cannabis legalization at the federal level has never been stronger now that Democrats control the White House and both houses of Congress. TheStreet discussed with insiders in the cannabis industry what it would take for cannabis legalization to happen in the U.S. in the coming years.
Here is a list of the cannabis stocks to watch and their performance from this past week by the percentage change at the close of trading on May 1.
Tilray Inc. | Decreased -6.59%
Shares of Tilray (TLRY) - Get Tilray Brands Inc. Report climbed last week and shareholders formally approved the company's merger with Aphria, which makes the combined companies the largest cannabis company in the world. Aphria shareholders voted to approve the two companies' plan to merge last week. Under the terms Aphria holders will receive 0.8381 Tilray share for each of their shares. The merger is worth C$5 billion (US$4 billion).
Curaleaf Holdings | Increased +17.45%
Curaleaf (CURLF) opened its first branded store in Maine last week, marking the Wakefield, Massachusetts-based company's 106th retail location. "We have been proudly serving the Maine medical market with top-quality, locally grown flower, and exceptional customer service for nearly a decade, and we look forward to expanding those offerings to our adult-use customers," said Curaleaf Maine General Manager Scott Reed.
Green Thumb Industries Inc | Increased +10.06%
Green Thumb Industries (GTBIF) jumped after the company announced that it closed on a $217 million senior private placement financing. “History has taught us that the winners in new industries are those with the lowest cost of capital and the strongest balance sheets,” said GTI Founder and CEO Ben Kovler.
Aurora Cannabis | Increased +1.05%
Aurora Cannabis Inc. (ACB) - Get Aurora Cannabis Inc. Report jumped last week after analysts at Bank of America resumed coverage on the company in a broadly positive note about the marijuana industry. However, the firm has a low cash balance and carries a lot of debt, leading the firm to resume coverage with a neutral rating.