Cannabis Stocks Seem To Benefit From Biden Win and Legalization
It’s no secret to those following the news lately that the future of cannabis is looking bright following the recent U.S. elections. Not only did Democratic candidate Joe Biden win the presidential election, many states embraced legal and recreational cannabis, marking a change overall for legislation across the country.
In the wake of this success, cannabis stocks have taken a turn for the better, as would be expected. However, the numbers jumped pretty quickly. Tilray (TLRY) and Canopy Growth (CGC), two of the biggest cannabis stocks, were both up 10 percent. Aurora Cannabis (ACB) was up 20 percent.
Needless to say, this was exciting news for many in the cannabis sector and those who have found themselves on the green side of history during recent years. Projections are now looking good for the fledgling world of legal cannabis.
“We believe the Biden win is an important step on the path to federal permissibility of cannabis in the U.S. market through decriminalization and descheduling,” said Canopy CEO David Klein on a conference call with analysts discussing these rising numbers.
“The results of the ballot initiatives clearly showcase that support for adult-use marijuana legalization extends across geographic and party lines and is