Cannabis stocks rally after Senate flips blue
Cannabis stocks rallied Wednesday after Democrats Jon Ossoff and Raphael Warnock won two open Senate seats in Georgia. Democrats will soon control both chambers of Congress in addition to the presidency for the first time since 2010.
The blue wave has investors anticipating a green rush, as The Hill reports.
Several cannabis stocks saw double-digit increases Wednesday, including a more than 19 percent increase for Tilray by midday and other large spikes for Canopy Growth, Cronos Group and Hexo Corp.
Other companies such as Aphria Inc. and Aurora Cannabis climbed by roughly 12 percent midday following the results of the Georgia Senate runoffs the previous night.
It’s far from clear whether the new Democratic Senate majority will usher in federal decriminalization of weed. But the chances just got better. Senate Minority Leader Charles Schumer has said the Senate will vote to pass a bill to federally legalize marijuana within the next two years.