Investors are fired up about a handful of cannabis stocks this morning, just a week before the inauguration of President-elect Joe Biden.
- Shares of Hexo (NYSE:HEXO) look ready to extend year-to-date gains following Wednesday’s 17.2% surge. Yesterday, the company’s joint venture with Molson Coors (NYSE:TAP) debuted a new line of non-alcoholic, sparkling CBD beverages, exclusively available in Colorado.
- Aphria (NASDAQ:APHA) stock was up 7.5% ahead of today’s market open after a more than 6% gain yesterday. The company surprised the Street this morning with Q2 adjusted profit and sales that beat forecasts.
- Meanwhile, ETFMG Alternative Harvest ETF (NYSEARCA:MJ) is set to increase its YTD gains. APHA stock is the ETF’s largest holding, at 9.09% of the portfolio. HEXO stock is in the top 10, at 3.77% weight.
- Cannabis stocks are rallying thanks to the prospect that a Biden administration, with Democrats controlling both houses of Congress, will take the U.S. to federal-level decriminalization of pot.
- Shares of cannabis stocks jumped earlier this month after Democrats won control of the Senate with dual victories in Georgia runoff elections.
On the date of publication, Robert Lakin did not have (either directly or indirectly) any positions in the securities mentioned in this article.
InvestorPlace contributor Robert Lakin is a veteran financial writer and editor, following fintech, agtech and property tech startups.