Australian cannabis stocks rose sharply this week with the buoyancy of the American market seen as a possible reason for the surge.

Share prices across the Pacific have climbed since Donald Trump was ousted from the White House, with the Biden administration pledging to take a more liberal approach to cannabis.

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A bill proposing to make hemp-derived CBD a dietary supplement in the US has also rallied stocks.

“That positive sentiment may have flowed over to the Australian stocks,” one observer said.

Cann Group shares soared 36% to finish on 90c a share at close of trading yesterday (Wednesday), despite announcing on Monday it was the victim of a A$3.6 million cyber fraud.

Althea climbed 14% to finish on 57c, Emyria jumped 29% to 20c and THC Global climbed nearly 10% to 28c.

Cann Global (+33% to $0.012), Zelira Therapeutics (+7.6% to $0.085), MGC Pharmaceuticals (+13.88% to $0.041) and Creso Pharma (+23% to $0.265) also saw healthy increases.

Bod remained largely stable while Little Green Pharma, which on Monday said it has received firm commitments to raise $22 million, fell from a high of 98c to 78c before recovering to close at 90c.