A Joe Biden Presidency could be good news for cannabis stocks

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Analysts believe that federal cannabis reform could come soon after Biden takes office

“Happy Days Are Here Again” used to be heard at most all political rallies, especially if the candidate won. The old standard song is not so much in use these days because of the COVID-19 pandemic, but some investors who were wise enough to have put money into the marijuana industry before the November 3 elections were likely singing the song in the privacy of their own homes or offices.

The election of the Joe Biden administration marked a major change in attitude towards the cannabis industry in general. Although Biden has not endorsed a blanket legalization of marijuana in the US, his talk of decriminalization has sent cannabis stocks higher than ever and investors are considering their next move in the market.

Not only did five more states legalize cannabis in some form or the other, the change in administrations in the US government promises to bring a new era in the understanding and use of legal marijuana and CBD (cannabidiol) products. The stigma is going away, little by little and this is translating into more and more confidence in investing in the cannabis industry.

This small shift in attitude has led to a major boon for the stock market where cannabis is concerned. Many people still do not realize that the cannabis industry now has well-established companies that are listed on the New York and Toronto Stock Exchanges and that anyone can invest in them and ride the wave that is sweeping across the nation, along with a return to more normal times without pandemics.