Cannabis stocks are beginning to rise

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The cannabis stock market uptick may have begun

Now that President-elect Joe Biden’s formal transition into the White House has begun after much delay caused by the previous administrations refusal to accept the results of the November 3 elections, investors are feeling easier about putting their money into cannabis-related stocks. This is based on the assumption that, during the Biden administration, the laws currently on the books will be loosened so as to set the stage for the eventual legalization, or at least decriminalization, of the sale of recreational marijuana in the US.

CNN Business is reporting that shares in some of the major cannabis stocks are soaring once again after it was announced that the pathway for Joe Biden and company has been cleared and the transition has now at last formally begun. Some of the major movers were Canopy Growth (CGC), which is already up 6%, Aurora Cannabis (ABC) rose a healthy 25% and Tilray (TLRY), which made a 14% jump in the early trading.

Also moving on up are some major global stocks beginning with big companies such as Curaleaf (CURLF), Aphria (APHA) and Cronos (CRON).

Voters in the November 3 elections cleared the way for legalization of marijuana for recreational adult use in Arizona, Montana, New Jersey and South Dakota. The ultra-conservative state of Mississippi also finally approved the sale of medical marijuana in the state. Now there are 15 states in the US where recreational adult-use cannabis is legal and each new state added to the list is a boost for cannabis stocks, in general, to be on the rise once again.