What happened
Wednesday night, Kamala Harris promised in the vice presidential debate that if elected, her and Joe Biden’s administration “will decriminalize marijuana … and we will expunge the records of those who have been convicted of marijuana.”
Shares of nearly every stock even vaguely related to pot jumped higher the next day. Tilray (NASDAQ:TLRY) was a particular outperformer, rising by 18%, while Cronos Group (NASDAQ:CRON) advanced 10%, and HEXO (NYSE:HEXO) increased 8%.
Image source: Getty Images.
So what
While the potential vice president’s quote is very encouraging for marijuana stock aficionados, we should note that Harris said “decriminalize” and not “legalize.” There’s a sharp distinction between the two. Legal goods can nearly always be bought and sold at will; that isn’t…
