Why Cronos Group, HEXO, OrganiGram, and Other Marijuana Stocks Soared Today
Marijuana stocks skyrocketed on Friday as vote counting in several states pointed increasingly toward a victory for Democratic candidate Joe Biden. By close of trading, shares of Cronos Group (NASDAQ: CRON), OrganiGram Holdings (NASDAQ: OGI), and HEXO Corp (NYSE: HEXO) were up 16%, 18%, and 24%, respectively.
Biden and his running mate Kamala Harris have promised to decriminalize marijuana at the federal level. A notable step toward full-scale legalization, decriminalizing marijuana would likely also make it easier for cannabis companies to operate in the U.S. Many banks have shied away from providing financial services to marijuana-related businesses for fear of running afoul of federal law. Decriminalization might make banks more willing to serve cannabis companies.
Source Fool.com