Why Charlotte's Web Stock Spun Higher on Wednesday

Joining a broad-based rally in marijuana stocks Wednesday, shares of Charlotte's Web Holdings (OTC: CWBHF) soared to close the day up 7.6%.

The rally in marijuana stocks was understandable. The Democrats apparently took both Senate seats in Georgia yesterday, giving the party (which favors marijuana legalization) what amounts to a majority in the U.S. Senate.

Technically, the Dems only hold 48 seats, but two independents are broadly aligned with their party, and Vice President-elect Harris will be able to break any tie votes.

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Source Fool.com