Cannabis stocks surge after Trump administration sets formal transition in motion

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 MJ, +1.49% 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. ACB, +0.70% soared 29.5%, Tilray Inc. TLRY, -9.23% shot up 19.2%, Canopy Growth Corp. CGC, +4.21% climbed 7.6% and Cronos Group Inc. CRON, +1.66% ran up 10.4%. The MJ ETF has rallied 26.5% so far this month through Monday, while the S&P 500 SPX, +0.56% has advanced 9.4%.

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