MARIJUANA STOCKS SKYROCKET AS STATES VOTE ON CANNABIS LEGALIZATION
- November 7, 2018
When you lay the cards on the table and analyze the facts, you may begin to see just how large of an impact marijuana legalization has on our current economic standpoint in the United States. At this time, the budding cannabis industry has spawned a variety of independent sectors including pot-infused cosmetics and edibles, and more big-name players like Coca-Cola and Walmart are entering the fray. Now, as we continue to plow through the results of the 2018 Election, analysts have announced that, during the election on November 6, several marijuana companies experienced a massive spike in stocks. If recent statistics have hinted at anything, it’s that we are in for one wild, profitable ride with the wave of marijuana legalization. Let’s take a closer look at what is transpiring in the cannabis industry.
Appetite for Sacred Medicine
At this time, 31 U.S. states (as well as Washington D.C., Puerto Rico, and Guam) have been tackling cases for medical and recreational marijuana. On Monday, November 5, Todd Harrison (founding partner of CB1 Capital Management) explained how the results of the 2018 election could provide solid evidence for the growing public desire for the marijuana plant. In fact, Harrison already predicted the ultimate outcome with Michigan, which has officially become the 10th state to legalize recreational weed. Likewise, Bobby Burleson (Canaccord analyst) explained that this election also showcases the overwhelming support for marijuana legalization.
After the little green plant was legalized in Canada on October 17, 2018, Jon Trauben (managing partner at Altitude Investment Management, a cannabis venture capital firm) explained that Canada itself serves as a role model for cannabis-related investments. During the midterm election in the U.S., Canadian stocks skyrocketed, with medical marijuana shares exploding to 8% on the Nasdaq exchange. Likewise, Tilray (a European producer of Canadian marijuana) also experienced a 5% increase on the Nasdaq trading scale, while Aphria (a Canadian producer) boasted similar growth patterns.
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