Later this week, the House will vote on ending a federal ban on medical and recreational cannabis, as announced by House Majority Leader Steny Hoyer. Lawmakers are expected to vote on this by Thursday or Friday, and could send related stocks higher.
On top of that, there’s speculation Joe Biden could legalize it at the federal level.
After all, Biden has already said he would “decriminalize the use of cannabis and automatically expunge all prior cannabis use convictions,” as quoted by the Boston Globe.
“We believe the Biden win is an important step on the path to federal permissibility of cannabis in the US market through decriminalization and de-scheduling,” said Canopy Growth CEO David Klein, as quoted by CNN.
With that, one of the top cannabis stocks to consider is Canopy Growth (CGC).
While CGC has already raced from $14 to $29 in recent weeks, it could move even higher as we head into the House vote. Even better, the stock just broke above double top resistance at $23.20 and could potentially refill a bearish gap around $33.25 shortly.