On Tuesday, March 6, 2018, in Alberta, Edmonton, Canada, ur Rora Cannabis Inc. Employees at the facility turn to marijuana plants.
Jason Franson | Bloomberg | Getty Images
Cannabis stocks continued to rally after the election on Friday after American voters in several states approved the widespread use of marijuana.
On Friday, Rora Cannabis led the way with a steep climb of more than than%, bringing the stock gains more than 115% to 115% since election day. On Friday, Tillere and Canopy grew by about 33% and 13%, respectively.
According to NBC News, five states on Tuesday legalized some forms of marijuana use, including Arizona, New Jersey and Mississippi. Reg Reagan voters also chose to remove jail time as a punishment for minor possession of several other drugs, including cocaine.
Traders can also bet that Democratic nominee Joe Biden, who led Pennsylvania on Friday due to the absence of presidential elections by NBC News, will be more willing to legalize marijuana at the federal level. Biden said during the campaign that he supported decriminalization but did not support full legalization.
The rise spike in pot stocks follows a dramatic decline for most of the year. Even with Friday’s rally, shares of Ora Rora have fallen nearly 60% of their value this year.
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