(Reuters) – Cannabis shares rose Wednesday as Democrats won a major U.S. Senate race in Georgia, leading another to move closer to a beautiful cattle that would give them control of Congress and their power. would be able to record their promise to legalize a pot.
The US listed shares of Aphria Inc., Hexo Corp and Cronos Group rose between 10.4% and 13%.
Pot stock has risen since Joe Biden’s victory in the US presidential election in November and the greater demand for pot during the coronavirus-led shutdown.
Kamal Harris, vice-president, promised the decriminalization of pots, which would remove it from the list of classified substances. But with Republicans winning the Senate election in November, the execution of acts to criminalize it seemed bleak.
While marijuana is legal in some states, its use at the federal level is still illegal. The importation of marijuana into the US from other countries, or even across the state, is prohibited and federal government institutions, such as banks, may even be charged with money laundering if they work with marijuana growers.
The victory of Democrat Raphael Warnock over Republican current Kelly Loeffler and Jon Ossoff’s lead over current David Perdue would give Democrats the power to advance President-elect Joe Biden’s policy goals.
“As Democrat-elected President Joe Biden will take office later this month and the House will still be controlled by Democrats. A Democratic livestock could pave the way for more progressive legislation on cannabis,” Alliance Global’s Aaron Gray Partners said comment.
Reporting by Arunima Kumar in Bengaluru; Edited by Shinjini Ganguli