The midterm election results are still providing support for cannabis stocks
On November 8, 2022, the cannabis industry received a boost, and all stakeholders stand to gain. Companies such as Canopy Growth and Bud Love that enhance the cannabis experience and don’t push regulatory boundaries are the best. As the cannabis market improves, so do the investment possibilities.
Bud Love products do not contain cannabis, tetrahydrocannabinol (THC) or nicotine. However, they have proprietary blends that enhance the effects of cannabis and decrease unwanted side effects.
As more candidates for legalization won governorships across America, and other pro-cannabis candidates won victories, stocks of companies that sell cannabis and cannabis-related products like Bud Love have risen.
Minnesota’s newly elected governor Tim Walz has promised that legalizing marijuana will be one of the first bills to pass in 2023. Voters in Maryland, and Missouri approved initiatives to legalize marijuana. All parties are optimistic about this industry’s future.
Canopy Growth Corp. is one of North America’s largest cannabis stocks, and a distributor and producer of recreational and medical cannabis products. It has increased 40% since Wednesday afternoon, with a further 9% increase in Friday’s trading.
Aurora Cannabis Inc. was up 17% on Friday, while the cannabis company exchange-traded fund (ETF) Cannabis ETF rose more than 6%. This indicates that the sector overall has experienced an end-of-week boost.
It’s not the first time cannabis stocks have surged following a midterm election. Tilray, Canopy and Aurora all saw huge gains in the weeks before the midterms. Tilray rose 700% in just a few weeks. However, caution is advised, as there is still a lot of work to be done.