Why OrganiGram Holdings Shares Jumped Today

Shares of OrganiGram Holdings (NASDAQ: OGI) were jumping 11.7% higher as of 3:24 p.m. EST on Tuesday. Marijuana stocks in general received a boost after the U.S. House of Representatives Judiciary Committee announced on Monday that it plans to vote this week on proposed legislation to legalize marijuana in the U.S. As one of the financially stronger Canadian cannabis producers, OrganiGram enjoyed a bigger gain than most of its peers.

It seems that investors were looking hard for a reason to buy beaten-down marijuana stocks after a series of disappointing quarterly updates last week. OrganiGram won't announce its fiscal 2019 fourth-quarter results until next Monday, but the company provided a preliminary update on Nov. 11 that caused its stock to sink.

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Source Fool.com