Marijuana stocks surge as investors bet on a more weed-friendly US

Cannabis stocks are rising to new heights as the smoke begins to clear around the 2020 election.

Shares in big weed companies soared on Thursday as investors began to price in a victory for pot-friendly presidential hopeful Joe Biden, even as five US states — including the conservative red state Mississippi — approved measures to legalize the stuff.

Aurora Cannabis, a Canada-based weed grower, saw its share price surge 42 percent, while its Vancouver-based rival Tilray — whose backers including Silicon Valley billionaire Peter Thiel — got a 30-percent boost. Canopy Growth — which in September unveiled a line of CBD-infused comestibles with Martha Stewart — surged 12 percent on the day.

The big moves came a day after pot stocks got smoked on word that the Senate would likely remain under GOP control, with Sen. Mitch McConnell continuing to oppose legalizing marijuana. But fears ebbed early Thursday as investors digested the news from Mississippi, which passed a law making marijuana legal for medical use.

Voters likewise approved ballot measures making marijuana legal for recreational use in Arizona, New Jersey, South Dakota and Montana, bringing the total number of weed-friendly states to 15. That deepened sentiment that even a GOP Senate can no longer halt a tide of legalization.

“The one thing that Americans agreed to on Tuesday was that they want to…

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Cannabis stocks are rising to new heights as the smoke begins to clear around the 2020 election.

Shares in big weed companies soared on Thursday as investors began to price in a victory for pot-friendly presidential hopeful Joe Biden, even as five US states — including the conservative red state Mississippi — approved measures to legalize the stuff.

Aurora Cannabis, a Canada-based weed grower, saw its share price surge 42 percent, while its Vancouver-based rival Tilray — whose backers including Silicon Valley billionaire Peter Thiel — got a 30-percent boost. Canopy Growth — which in September unveiled a line of CBD-infused comestibles with Martha Stewart — surged 12 percent on the day.

The big moves came a day after pot stocks got smoked on word that the Senate would likely remain under GOP control, with Sen. Mitch McConnell continuing to oppose legalizing marijuana. But fears ebbed early Thursday as investors digested the news from Mississippi, which passed a law making marijuana legal for medical use.

Voters likewise approved ballot measures making marijuana legal for recreational use in Arizona, New Jersey, South Dakota and Montana, bringing the total number of weed-friendly states to 15. That deepened sentiment that even a GOP Senate can no longer halt a tide of legalization.

“The one thing that Americans agreed to on Tuesday was that they want to…

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