7 Marijuana Stocks for an Election Day Boost

In this terribly contentious election cycle, there is an issue that seems to cut across otherwise deep-seated political and ideological beliefs: cannabis. Last month, Sen. Kamala Harris, the running mate of former Vice President Joe Biden, announced in a virtual town hall, “we will decriminalize the use of marijuana…” But will that be enough to save embattled marijuana stocks…

Undoubtedly, the market has printed much red ink and the novel coronavirus certainly hasn’t helped. However, we are talking about a paradigm-shifting sector. Obviously, before various legalization measures were implemented in North America, cannabis was a black market and therefore untaxable. With legalization, though, comes the ability for governments to receive a new revenue channel. That is not an insignificant consideration for marijuana stocks given the present economic malaise.

Further, cannabis represents a distinct platform of bipartisanship — and it’s not just at the individual level. Most notably in the United States, lawmakers came together for the passage of the Agriculture Improvement Act of 2018, colloquially known as the Farm Bill. This piece of legislation opened the door for cannabidiol (CBD), or cannabis products that feature no more than the legal threshold of tetrahydrocannabinol (THC). Essentially, CBD is cannabis without the high.

Finally, we should consider one more angle. During this national emergency, many Americans unsurprisingly are stressed. To be clear, the therapeutic benefits of cannabis have not been officially established. However, we all know that people use the green stuff to detox from day-to-day stressors.

Fundamentally, the coronavirus has accelerated this demand, drawing speculative attention toward these currently deflated marijuana stocks.

Here are seven to buy now for a post-election bump:

  • Canopy Growth (NYSE:CGC)
  • Cronos Group (NASDAQ:CRON)
  • Tilray (NASDAQ:TLRY)
  • Innovative Industrial Properties (NYSE:IIPR)
  • Charlotte’s Web (OTCMTKS:CWBHF)
  • Turning Point Brands (NYSE:TPB)
  • Curaleaf (OTCMKTS:CURLF)

Marijuana Stocks: Canopy Growth (CGC)

Before everyone’s attention shifted to the novel coronavirus, one of the reasons to be hopeful in otherwise beaten-up Canopy Growth was its First & Free CBD brand. As you might imagine, some older folks have moral issues with cannabis. However, with CBD, the psychoactive compound is removed, leaving behind the cannabis plant’s purported therapeutic benefits.

Among them is some evidence that demonstrates CBD’s efficacy toward pain management. Obviously, this has significant implications for older people, who may suffer from conditions such as osteoarthritis. Potentially, we could see a rise in CBD sales, which would benefit CGC stock.

As well, the Washington Post noted that the Covid-19 pandemic is ruining our sleep. That’s not unexpected, given how the sudden shift to remote work has done a number on our daily routine. Here again, CBD combined with other plant-based solutions may help some users.

Although no cannabis player should be considered a reliable investment, CGC stock is arguably the most dependable relative to other marijuana stocks. So, if you’re going to speculate, you might as well start here.

Cronos Group (CRON)

Before marijuana stocks entered into their shocking tailspin, Cronos Group seemed to be the smart choice. In December 2018, tobacco giant Altria Group (NYSE:MOagreed to buy a 45% stake in CRON stock for about $1.8 billion. Initially, the deal paid off handsomely as Cronos shares quickly skyrocketed off the news.

Unfortunately, CRON stock peaked in early 2019. Since then, it has been mostly a downward slide, accentuated only by a few head-fakes. One of the problems facing marijuana stocks was that there was too much hype built into the sector. In addition, participants focused on expansionary goals rather than profitability. Because many of these players were headquartered in Canada due to favorable legislation, the home market was too small.

Further, its foray into the U.S. CBD market through key acquisitions hasn’t panned out. However, the stress of…

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