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It’s Reefer Madness as Cannabis Stocks Jump on Election News

Posted in Blog,Cannabis In The News | Posted by: | Tagged: | Leave a reply

By Connor Smith

Marijuana stocks surged on Wednesday as Democrats claimed control of both houses of Congress. That could pave the way to an expansion of legal marijuana sales.

The Associated Press declaredGeorgia’s Raphael Warnock and Jon Ossoff winners in their respective elections, cementing a 50-50 Senate, with Vice President-elect Kamala Harris tilting the scale toward Democrats with a tiebreaking vote. With Mitch McConnell no longer majority leader, he’ll have a harder time blocking legalization.

Shares of U.S. growers—which can’t list shares on senior U.S. exchanges because weed is federally illegal—soared on the news. Curaleaf Holdings(ticker: CURLF) jumped 8.3%, Green Thumb Industries (GTBIF) rose 7.6%, and Trulieve Cannabis(TCNNF) rose 8.9%. Cresco Labs(CRLBF) rose 3.8%.

Canadian firms, eager to enter the larger U.S. marijuana market when it’s legal to do so, joined in the fun. Canopy Growth (CGC) was up 11.6%. That company has deals to with two U.S. growers, which are triggered by changes at the federal level. Aurora Cannabisstock (ACB) rose 6.2%. Cronos Group stock (CRON) jumped 15%. ETFMG Alternative Harvest (MJ), an exchange-traded fund with exposure to cannabis firms, jumped 8%. The ETF has soared about 42% since the Nov. 3 election.

“This is another big win for cannabis—although legalization was not on the ballot in Georgia, with a Democratic majority in the Senate we’re likely to see support for cannabis decriminalization,” Cresco Labs CEO Charlie Bachtell said in an emailed statement. He added that such efforts could lesson the burden on the U.S. justice system and improve the industry’s access to capital.

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