Cannabis stocks are on the move again.
Just yesterday, shares of Tilray (TLRY), for example, were up more than 12% on a volume spike to 52.7 million shares, as compared to daily average volume of 24.5 million. All after Sen. Chuck Schumer said Congress is getting “very close” to an agreement on a cannabis bill, which would allow legal cannabis companies to access banking services.
We also have to remember that multiple states will be voting on legalization in the November 8 midterm elections. Better, according to FiveThirtyEight’s Lester Black:
Biden “is now asking his own administration to start the process of making the drug’s legal classification match its reality. The reevaluation is more than just an empty gesture. Experts like John Hudak, a senior fellow at the Brookings Institution, said there’s a very good chance of Biden’s directive leading to actual reform — not decades from now, but by the end of his current term in office.”
And, remember, according to Gallup, “More than twice as many Americans think that marijuana has a positive impact on its consumers and society at large than say the same about alcohol, according to a new Gallup poll,” reported Marijuana Moment, “And perhaps more revealing, people who have actually used cannabis are far more likely to tout its positive impacts compared to just a small fraction of alcohol drinkers who feel the same way about their drug of choice.”
All could help send cannabis stocks, like TLRY to higher highs.