Marijuana Stocks Surge As Democrats Take Senate; Are Any Good Buys Now?| Investor’s Business DailyPosted by On


Marijuana stocks rallied after the Democrats took control of the Senate, opening up the possibility of friendlier pot laws on a federal level. Does that make marijuana stocks good buys now?




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Democrats Raphael Warnock and Jon Ossoff in January defeated their Republican rivals in two Senate runoff elections in Georgia. Their victories will give the Democrats 50 Senate seats, with Vice President-elect Kamala Harris acting as the tie-breaking vote.

With Biden’s win in November, hopes have increased for looser restrictions on cannabis, which is still federally illegal in the U.S. Last month, the Democrat-led House voted to pass the MORE Act. That bill would decriminalize marijuana federally but let states decide their own cannabis policy. Biden has said he supports federal marijuana decriminalization.

The vote came after New Jersey, Arizona, Montana and South Dakota on Election Day approved ballot measures to legalize recreational marijuana. South Dakotans also backed creating a medical marijuana program for people with severe medical conditions. Mississippi voters approved legalizing cannabis for medical use.

Cannabis-industry executives have also predicted a domino effect — with newly legal states pressuring neighboring states to legalize in an effort to prevent a flight of tax revenue. And they say more legal states increase the likelihood the government takes…

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Marijuana stocks rallied after the Democrats took control of the Senate, opening up the possibility of friendlier pot laws on a federal level. Does that make marijuana stocks good buys now?




X



Democrats Raphael Warnock and Jon Ossoff in January defeated their Republican rivals in two Senate runoff elections in Georgia. Their victories will give the Democrats 50 Senate seats, with Vice President-elect Kamala Harris acting as the tie-breaking vote.

With Biden’s win in November, hopes have increased for looser restrictions on cannabis, which is still federally illegal in the U.S. Last month, the Democrat-led House voted to pass the MORE Act. That bill would decriminalize marijuana federally but let states decide their own cannabis policy. Biden has said he supports federal marijuana decriminalization.

The vote came after New Jersey, Arizona, Montana and South Dakota on Election Day approved ballot measures to legalize recreational marijuana. South Dakotans also backed creating a medical marijuana program for people with severe medical conditions. Mississippi voters approved legalizing cannabis for medical use.

Cannabis-industry executives have also predicted a domino effect — with newly legal states pressuring neighboring states to legalize in an effort to prevent a flight of tax revenue. And they say more legal states increase the likelihood the government takes…



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