Shares of Canopy Growth (NASDAQ: CGC), Green Thumb Industries (OTC: GTBIF), and Cresco Labs (OTC: CRLBF) rallied big on Wednesday, up 16.3%, 6.2%, and 7.4%, respectively, as of 1:37 p.m. ET. While the broader market was rallying in a risk-on mood, cannabis stocks outperformed.

Not only have "risky" cannabis stocks been beaten down as inflation has given way to rising interest rates, but cannabis stocks specifically have also had to endure longer-than-expected delays in cannabis reform. Therefore, any glimmer of hope on reform could lead to big upward moves. 

On Wednesday, it looked as if the full decriminalization bill that has been making its way through the Senate will finally get a hearing, and possible introduction after a year of delays.

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Source Fool.com