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Cannabis stocks rallied in the pre-market trade on Wednesday, in hopes Democrats could take the Senate after Raphael Warnock won one of two Senate rounds in Georgia early Wednesday, according to the Associated Press. , bringing Democrats closer to a majority in the Senate. With 97% of the total expected votes, Democratic challenger Jon Ossoff led Republican Senator David Perdue by just 0.22 percentage point, according to aggregate data by the Associated Press. Democrats are expected to pursue a deeper cannabis reform agenda under the leadership of President-elect Joe Biden and Vice President-elect Kamala Harris, who have further supported opening up the banking sector and other services needed by the industry, which was hampered by the delicate regulation. backdrop that allowed the black market to continue to thrive. “We start from speculation about what President-elect Biden could have done for cannabis reform via executive order (or directives / ‘notes’ from his new attorney general) and whether the Senate would have held a vote on the law SAFE (banking reform) would have even proceeded to a vote, in a new world, in which the question is more about the timing and scope of a much broader reform for the cannabis industry, ”the analyst wrote. Cantor Fitzgerald Pablo Zuanic in a note to clients. MJ,
was up around 7% before release, while Cannabis ETF THCX,
was up 1.1%. Among individual stocks, the US-listed stocks of Aurora Cannabis Inc. ACB,
ACB,
the most widely held share on the Robinhood trading app, rose 15%. Tilray Inc. TLRY,
is up 15.4%, Canopy Growth Corp.s CGC,
[c: ca:weed] is up 8% and Cronos Group Inc. CRON,
was up 10%. The Cannabis ETF has gained 63% over the past three months, while the S&P 500 SPX,
gained 11%.
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