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Cannabis stocks rally as Biden signs marijuana research bill

  • Cannabis stocks extended recent gains to stage a rally towards the market close on Friday after President Joe Biden signed a marijuana research bill into law.
  • Notable gainers include Clever Leaves (CLVR), SNDL Inc. (SNDL), MedMen Enterprises (OTCQB:MMNFF), Canopy Growth Corporation (CGC), Tilray Brands (NASDAQ:TLRY), TerrAscend Corp. (OTCQX:TCNNF), OrganiGram Holdings (OGI), Aurora Cannabis (ACB), GrowGeneration (GRWG) and Cronos Group (CRON)
  • The bill named Medical Marijuana and Cannabidiol Research Expansion Act cleared the House in July and the Senate last month.
  • It establishes a new registration process for cannabis-related research and the production of marijuana for research and drug development.
  • Cannabis-related ETFs led by AdvisorShares Pure US Cannabis ETF (MSOS) and ETFMG Alternative Harvest ETF (MJ) have outperformed the broader market over the past five days despite sharp losses so far this year, as indicated in this graph.