Marijuana Stocks Surge With Democratic Senate Likely; Are Any Good Buys Now?| Investor’s Business Daily

Marijuana stocks rallied after the Democrats flipped at least one Senate seat, opening up the possibility of pushing through friendlier pot laws on a federal level. Does that make marijuana stocks good buys now?




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Democrat Raphael Warnock defeated Republican rival Kelly Loeffler in one of two Senate runoff elections in Georgia. As of Jan. 6, the other race, between Democrat Jon Ossoff and Republican David Perdue, remained too close to call. But Ossoff had claimed victory and clung to a narrow lead.

The two elections will determine which party will control the Senate, thus defining what Democratic President-elect Joe Biden can accomplish during his time in the White House.

Marijuana Stocks Move Higher

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 remove marijuana from the list of controlled substances.

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.

After President-elect Biden’s transition formally began, marijuana stocks jumped…

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Marijuana stocks rallied after the Democrats flipped at least one Senate seat, opening up the possibility of pushing through friendlier pot laws on a federal level. Does that make marijuana stocks good buys now?




X



Democrat Raphael Warnock defeated Republican rival Kelly Loeffler in one of two Senate runoff elections in Georgia. As of Jan. 6, the other race, between Democrat Jon Ossoff and Republican David Perdue, remained too close to call. But Ossoff had claimed victory and clung to a narrow lead.

The two elections will determine which party will control the Senate, thus defining what Democratic President-elect Joe Biden can accomplish during his time in the White House.

Marijuana Stocks Move Higher

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 remove marijuana from the list of controlled substances.

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.

After President-elect Biden’s transition formally began, marijuana stocks jumped…

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