Cannabis stocks soared in the pre-market trade on Wednesday, in the hope that Democrats would take the Senate after Raphael Warnock won one of the second two Senate rounds in Georgia on Wednesday, according to the Associated Press, taking Democrats to a seat closer to the majority in the Senate. With 97% of the total expected votes reported, Democratic challenger Jon Ossoff was ahead of Republican Senator David Perdue by just 0.22 percentage points, according to data aggregated by the Associated Press. Democrats are expected to pursue a more cannabis reform agenda under President-elect Joe Biden and elected vice-president Kamala Harris, who have further supported the opening up of the banking sector and other services needed by the industry, which has been hampered by the difficult background regulation that allowed the black market to continue to flourish. “We started to speculate what President-elect Biden could have done for cannabis reform via the Executive Order (or by directives /” memos “from his incoming Attorney General) and whether the Senate would have held a vote on the SAFE act ) would have even taken a vote, for a new world, in which the issue is more about the timing and scope of much broader reform for the cannabis industry, “wrote Cantor Fitzgerald analyst Pablo Zuanic in a note to customers. . The ETFMG Alternative Harvest ETF MJ,
rose about 7% before the market, while Cannabis ETF THCX,
rose 1.1%. Among the individual shares, the US listed shares of Aurora Cannabis Inc. ACB,
ACB,
the most widely held shares in the Robinhood trading app, rose 15%. Tilray Inc. TLRY,
rose 15.4%, Canopy Growth Corp.s CGC,
[c: ca:weed] rose 8% and Cronos Group Inc. CRON,
rose 10%. Cannabis ETF has gained 63% in the last three months, while S&P 500 SPX,
won 11%.
