Cannabis stocks surge after Trump administration sets formal transition in motion

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Shares of cannabis companies rallied Tuesday, after the Trump administration made its first move late Monday to accept Joe Biden as president-elect by saying it was ready to begin the formal transition process. The ETFMG Alternative Harvest ETF surged 6.1% in premarket trading. It had shot up nearly 20% in the days following the election, on expectations Joe Biden will push for cannabis reform, then pulled back as President Trump continued to dispute the results. Among the more-active cannabis stocks in the premarket, the U.S.-listed shares of Aurora Cannabis Inc. soared 29.5%, Tilray Inc. shot up 19.2%, Canopy Growth Corp. climbed 7.6% and Cronos Group Inc. ran up 10.4%. The MJ ETF has rallied 26.5% so far this month through Monday, while the S&P 500 has advanced 9.4%.
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