Posted: Feb 03, 2021 1:04 PM ET | Last Updated: February 3
For the most part, the stock prices of Canadian cannabis companies have failed to maintain or move past the lofty highs they reached in 2018, when Canada legalized the drug.(Annie Sakkab/Bloomberg)
Shares in Canadian-based cannabis companies are surging this week partly because of a flurry of short sellers covering their bets against the stocks, right as U.S. lawmakers seem to be getting more serious about potentially legalizing the drug.
Three of the four biggest companies in the space Tilray, Aurora Cannabis and Aphria have seen their stock prices rise by between 30 and 40 per cent in the past two days. A fourth major player, Canopy Growth, is only up by about 10 per cent.