Cannabis stocks stage strong rally as prospect of Democratic Senate spurs reform hopes

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Cannabis stocks staged a strong rally on Wednesday, with most Canadian and U.S. companies posting double-digit percentage gains, buoyed by hopes the Democrats may take the Senate and pursue a more pro-reform agenda. Raymond James analysts agreed. “A Democratic win would imply continued positive sentiment toward federal support of cannabis reform, and, we expect, would drive further strength among Canadian cannabis stocks, especially those with clear paths to U.S. market entry,” analyst Rahul Saraugaser wrote in a note to clients. Read also: Tilray stock soars after reverse merger deal with Aphria, to create largest global cannabis company Vape maker Greenlane Holdings Inc. The sector took off after Raphael Warnock won one of two Senate runoffs in Georgia early Wednesday, according to the Associated Press, bringing Democrats a seat closer to a Senate majority. With 98% of the expected vote total reported, Democratic challenger Jon Ossoff was leading Republican Sen.

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Cannabis stocks staged a strong rally on Wednesday, with most Canadian and U.S. companies posting double-digit percentage gains, buoyed by hopes the Democrats may take the Senate and pursue a more pro-reform agenda.

The sector took off after Raphael Warnock won one of two Senate runoffs in Georgia early Wednesday, according to the Associated Press, bringing Democrats a seat closer to a Senate majority. With 98% of the expected vote total reported, Democratic challenger Jon Ossoff was leading...

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