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Cannabis stocks broadly moved higher in late Thursday trading, extending gains into Friday’s session before paring those advances, following news that the U.S. House of Representatives would vote next week for the second time on a bill that would decriminalize marijuana. The volatile sector saw many names post double-digit gains on Thursday after news that the House will soon vote on the Marijuana Opportunity Reinvestment and Expungement (MORE) Act, which was already passed in a previous Congressional session. However, investors taking short positions on several cannabis stocks may have felt a bit of a squeeze given the aforementioned rally with one analyst seeing US$260 million in losses on short bets taken on just four Canadian pot companies – Canopy Growth, Sundial, Tilray and Aurora Cannabis.
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