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Charts1on Jan 10, 2021 9:55am
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MMEN.C. Marijuana news
MMEN.C. Marijuana news Cannabis stocks jumped following the Democratic victories in Georgia’s two runoff elections that have spurred hopes for near-term decriminalization. Democratic candidates — Jon Ossoff and the Rev. Raphael Warnock — defeated the Republican candidates GOP Senator David Perdue and incumbent Senator Kelly Loeffler, respectively, increasing expectations that Democrats will take control of the Senate.
It has set the stage for a “Blue Wave,” wherein Democrats will control both Houses of Congress and the White House for the first time in a decade. The government has the friendliest political environment for the cannabis industries in U.S. history. This is especially true as Biden government will expedite the legalization of marijuana at the federal level, thereby providing a boost to the U.S. industry (read: Cannabis ETFs Set to Soar in 2021 on More U.S. Legalization).
Now with the Blue Wave, the markets are anticipating that the Marijuana Opportunity Reinvestment and Expungement (MORE) Act passed by the House in December will soon be approved by the Senate, which otherwise has lesser chance to pass. The bill aims to decriminalize cannabis at the national level for the first time, and remove cannabis from the list of federally controlled substances and erase certain federal convictions.
This has resulted in a spike in cannabis ETFs. In particular,