Cannabis Stocks Climb Amid Biden Presidency

Following the apparent victory of Joe Biden against Donald Trump for the U.S. Presidency, the cannabis stock market skyrocketed.

It appears that cannabis investors are bullish on the industry’s prospects following the November 3rd Presidential election that has placed Joe Biden as the victor against the current President Donald J. Trump.

As we’ve discussed previously, both Joe Biden and Kamala Harris have vowed to decriminalize cannabis federally upon legalization, which certainly explains part of the bump in the cannabis stock market.

Moreover, not only has Biden been tentatively declared the 46th President of the United States (amid ongoing legal disputes and allegations of illegitimate voting by the Trump Campaign), but there was also a huge wave of cannabis legalization on Election day, which saw five states, Montana, New Jersey, South Dakota, Arizona, and Mississipi legalizing either recreational or medicinal marijuana.

And if all of that wasn’t enough, Oregon even decriminalized psilocybin for therapeutic purposes, suggesting that American citizens are certainly open to a more libertarian approach to drug policy if given the choice.