Emily Paxhia is managing partner at Poseidon Asset Management and joins “Squawk on the Street”, to talk about her outlook on the cannabis market. For access to live and exclusive video from CNBC subscribe to CNBC PRO:
After several states approved legalizing expanded marijuana use, cannabis stocks saw a continuation of their rally post-election.
Aurora Cannabis was the leader with a wild climb of more 56% Friday. This brought the stock’s gain to almost 100%. since Election Day. Tilray and Canopy Growth soared by approximately 23%, and 11%,, respectively, on Friday.
According to NBC News, five states legalized marijuana use Tuesday. These included New Jersey, Arizona, and Mississippi. Voters in Oregon also voted to abolish jail time for small possessions of other drugs, such as cocaine.
Traders could also be betting on Joe Biden, the Democratic nominee in Pennsylvania, being more open to legalizing marijuana at a federal level. Biden stated during the campaign that while he supports decriminalization, he did not support full legalization.
After a sharp decline throughout the year, pot stocks have seen a spike in value. Aurora shares lost 60% more this year despite Friday’s jump.
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