Following the results from the United States presidential election, cannabis and industry stocks are skyrocketing! In pre-market trading, we’re seeing significant valuation increases in cannabis companies like Canopy Growth, Aurora Cannabis, and Tilray.
At this time, Aurora Cannabis is up greater than 50% and other industry companies are up by double-digits before markets open officially.
Throughout the pandemic, cannabis companies saw an increase in interest within the industry. However, they also faced the challenge of the need to reduce labour costs. Despite some cannabis companies reporting a financial loss last quarter, it appears that there is a good chance of a promising future in the industry.
In case you missed the US news, president-elect Joe Biden had previously stated that a cannabis legislation reform would be in order. Just last week, cannabis legalization in the US was on 5 state ballots and won each election.
Cannabis legalization in the US has never looked more promising, and investors are showing their hopeful desires with their cash.
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