Cannabis stocks rallied in the premarket trade on Wednesday, hoping Democrats could take over the Senate after Raphael Warnock won one of two Senate rounds in Georgia early Wednesday, according to the Associated Press, bringing Democrats closer to the majority. Senate. With 97 percent of all votes reported, Democratic challenger Jon Ossoff led Republican Sen. David Perdue by just 0.22 percentage points, according to data from the Associated Press. Democrats are expected to pursue a more cannabis reform agenda under President-elect Joe Biden and Vice President-elect Kamala Harris, who have further supported the opening of the banking sector and other services needed for the industry, which has been hampered by complicated background regulations that allowed the black market to continue to flourish. “We are moving from speculating on what President-elect Biden could have done to cannabis reform by executive order (or by directives / ‘notes’ from his new attorney general) and whether the Senate would have passed the SAFE (banking reform) law. even a vote in a new world, where the question is more about the timing and scale of a much broader reform of the cannabis industry, “Cantor Fitzgerald analyst Pablo Zuanic wrote in a note to clients. ETFMG Alternative Harvest ETF MJ,
increased by about 7% premarket, while the Cannabis THCX ETF,
increased by 1.1%. Among the individual shares, the US listed shares of Aurora Cannabis Inc. CBA
CBA
the most held shares in the Robinhood trading app increased by 15%. Tilray Inc. TLRY,
increased 15.4%, Canopy Growth Corp.’s CGC,
[c: ca:weed] increased by 8% and Cronos Group Inc. CRON,
increased by 10%. The Cannabis ETF has gained 63% in the last three months, while the S&P 500 SPX,
won 11%.