Weed stocks surge after Kamala Harris promises to decriminalize pot

(Reuters) – U.S.-listed shares of major cannabis producers surged on Thursday after Democratic vice president nominee Kamala Harris said the Biden administration would decriminalize marijuana at the federal level in the United States if they were elected.

During Wednesday night’s debate with Vice President Mike Pence, Harris said she and Democratic presidential nominee Joe Biden would also expunge the records of those that have been convicted of marijuana-related offences in the past.

Cannabis stock tracker MJ ETF rose 5.5% in the session, its best day since early June.

Shares of Tilray Inc rose 19.2% on the Nasdaq, while U.S.-listed Canopy Growth Corp , Aphria Inc and Aurora Cannabis Inc closed between 10% and 13% higher.

(Reporting by Shariq Khan in Bengaluru; Editing by Shinjini Ganguli)