The election is over. Joe Biden and Kamala Harris have won. In a few short weeks, we’re scheduled to inaugurate an administration whose stated policy is to “decriminalize marijuana, and … expunge the records of those who have been convicted of marijuana” on a national level.
You might think that now that the election has been settled, marijuana stocks would go on a tear, rising inexorably and never looking back — but in fact, as of 12:40 p.m. EST today, they’re all over the map:
- Aurora Cannabis (NYSE:ACB) down 7%;
- Aphria (NASDAQ:APHA) down 6.5%;
- and Sundial Growers (NASDAQ:SNDL), a small-cap producer of marijuana for recreational use, swinging wildly — surging 30% in the morning only to plunge 10% below yesterday’s closing price closer to noon, and currently just about where it started the day, up a bare 0.2%.
What the heck are marijuana investors thinking? It’s very hard to say, but here’s what we do know.
Historically, Aurora Cannabis has been considered one of the bellwethers of the marijuana market, but this morning Aurora got its bell rung when the Canadian press reported that the company is laying off 30 workers and “indefinitely…