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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index added 3.87 to 47.13, while the CSE Composite Index added 1.48 to 281.75. Cannabis stocks enjoyed a merry Monday, bolstered by rising hopes for U.S. federal reform and its spillover benefits for Canadian operators. Major gainers included Canopy Growth Corp. (WEED), up 72 cents to $4.22, Tilray Brands Inc. (TLRY), up 50 cents to $5.54, Sundial Growers Inc. (U.SNDL), up 28 U.S. cents to $2.21 (U.S.), and Nova Cannabis Inc. (NOVC), notching a more than 50-per-cent rise by adding 31 cents to 88 cents.

In Canopy's case, today's jump put the stock back above $4 for the first time in six weeks. The Canadian cannabis bellwether plummeted in late June in the wake of a dilutive debt-for-equity swap, followed by the release of disappointing financials just last Friday, including an eye-watering net loss of $2.0-billion. Analysts scolding Canopy over its financials today included Canaccord Genuity's Matt Bottomley (who kept his "sell" rating and cut his price target to $2.75 from $3.50) and Piper Sandler's Michael Lavery (who has an equivalent "underperform" rating and lowered his target to $2.50 (U.S.) from $3 U.S.)). Despite their harsh words, the stock spent today in a haze of optimism.

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