Marijuana Stocks Jump On Democratic Senate

(Source investors.com) Marijuana stocks rallied after the Democrats took control of the Senate, opening up the possibility of friendlier pot laws on a federal level. Democrats Raphael Warnock and Jon Ossoff in January defeated their Republican rivals in two Senate runoff elections in Georgia.

Their victories will give the Democrats 50 Senate seats, with Vice President-elect Kamala Harris acting as the tie-breaking vote. With Biden’s win in November, hopes have increased for looser restrictions on cannabis, which is still federally illegal in the U.S. Last month, the Democrat-led House voted to pass the MORE Act. That bill would decriminalize marijuana federally but let states decide their own cannabis policy. Biden has said he supports federal marijuana decriminalization.