Cannabis Stocks Surge As Joe Biden Closes On Victory

LeoFinance
17 days ago
1 Min Read
241 Words

It seems highly likely that Joe Biden will be the next President of the United States of America.

If this hold true, the cannabis industry will be a big winner.

The Reason - "Former Vice President Joe Biden and running mate Senator Kamala Harris support adult-use marijuana decriminalization, moderate rescheduling, federal medicinal legalization, allowing states to set their own laws and expunging prior cannabis convictions."

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On Friday trade, some cannabis stocks went ballastic.

  • Aurora Cannabis (NYSE:ACB) surged by 56%
  • Tilray (NASDAQ:TLRY) went higher by 23%
  • Aphria (NASDAQ:APHA) saw marginal gains
  • Canopy Growth Corporation (NYSE:CGC) went higher by 10%

Should You Invest In Cannabis Now?

I believe that Aphria is among the top-picks in the cannabis industry. The stock didn't surge on Friday. However, the stock has not fallen in the last one year as compared to Aurora or Canopy.

On the front of adult-use of cannabis, I am optimistic on the growth outlook.

However, I believe that medicinal cannabis will take time to gain traction. Clinical trials, FDA approval will take few years.

Some exposure to the cannabis industry makes sense with Joe Biden likely to come to power.

According to Aurora, the global cannabis industry is potentially worth $200 billion. Gradual legalization in countries can be a game changer for the cannabis companies.

High risk taking investors should consider one of more of the cannabis stock in their portfolio.

Posted Using LeoFinance Beta