Globe & MailAnd Northland's target was
US$35.00. GLTA
Cannabis stocks soared on Wednesday on the possibility of U.S. Democrats gaining control of the Senate.
Democratic challenger Raphael Warnock won a hotly contested Senate race in Georgia over Republican incumbent Kelly Loeffler, while Democrat Jon Ossoff held a narrow lead over incumbent Republican David Perdue in the other race.
Pot stocks have rallied since Joe Biden’s victory in the U.S. presidential elections in November and higher demand for pot during the coronavirus-led lockdowns.
Vice President-elect Kamal Harris’ has promised pot decriminalization, which would remove it from the classified substances list. But with republicans gaining control of the senate in November elections, the passage of acts to decriminalize it, had looked bleak.
“Given Democrat President-elect Joe Biden will take office later this month, and the House remains controlled by the Democrats – a Democratic sweep could clear the way for more progressive cannabis legislation to be passed,” said Aaron Grey of Alliance Global Partners in a note.