3 Reasons Marijuana Stocks Are Soaring
Investors seem to see Tuesday’s election results as potentially bumping up the timeline on full federal marijuana legalization.
By Wayne Duggan
Cannabis stocks have been red-hot following Tuesday’s election. The skyrocketing marijuana group has been led by Aurora Cannabis Inc., which is up 135% in the past two days alone.
Voters in New Jersey, Arizona, South Dakota and Montana legalized recreational marijuana use on Election Day, while South Dakota and Mississippi also legalized medical marijuana.
The new state cannabis laws will expand the legal U.S. marijuana market, but the massive moves in weed stocks suggest something may be brewing that is much larger than the handful of states that voted to legalize on Tuesday.
Stocks On The Move
In addition to Aurora, here are some of the other top cannabis stocks that have made the biggest gains in the past two days:
- Tilray Inc. TLRY 20.33% is up 71.6%.
- Cronos Group Inc. CRON 16.24% is up 35.9%.
- Canopy Growth Corp. CGC 10.51% is up 25.1%.
Benzinga’s Take
The ultimate prize for cannabis stock investors isn’t adding a handful of new U.S. states to the mix every few years. The catalyst that could completely change the industry is full U.S. federal legalization, and investors seem to see Tuesday’s election results as potentially bumping up the timeline for that outcome.
This article originally appeared on Benzinga and has been reposted with permission.
