“Cannabis stocks could see higher highs,” we said on March 20.
For one, as we near the U.S. elections, we could hear more about potential legalization. After all, it’s a hot topic, and about 70% of the population wants to see legalization. Two, Vice President Kamala Harris just said, ‘We need to legalize marijuana,’ quoted by Marijuana Moment.”
“While investors can always jump into cannabis stocks, like Canopy Growth (CGC), Green Thumb (GTBIF), and even dividend-paying stocks like Innovative Industrial (IIPR), there are also ETFs, such as the ETFMG Alternative Harvest ETF (MJ), Global X Cannabis ETF (POTX) and Advisor Shares Pure US Cannabis (MSOS),” we added.
Today, they’re all flying higher on three key catalysts.
One, the US DEA just said it will reclassify cannabis as a less dangerous drug. As noted by the Associated Press, “Once OMB [White House Office of Management and Budget] signs off, the DEA will take public comment on the plan to move marijuana from its current classification as a Schedule I drug, alongside heroin and LSD. It moves pot to Schedule III, alongside ketamine and some anabolic steroids.”
Two, a growing number of Americans want to see it legalized. In fact, according to Pew Research, about 88% of Americans want to see that happen.
“An overwhelming majority of U.S. adults (88%) say either that marijuana should be legal for medical use only (32%) or that it should be legal for medical and recreational use (57%). Just 11% say the drug should not be legal in any form. These views have held relatively steady over the past five years,” reported Pew Research.
Even an upcoming vote on adult-use in Florida has been fueling upside.
According to MJBizDaily.com, “Florida is poised to become the next state to legalize adult-use marijuana. The state’s Supreme Court ruled Monday that an industry-funded ballot initiative will appear on state voters’ November ballots.”
Since April 20, CGC ran from about $3 to a high of $14.10. GTBIF ran from about $12 to a high of $16. IIPR ran from about $94 to a high of $103.79. The MJ ETF ran from $3.70 to a high of $4.80. The MSOS ETF ran from $8.40 to a high of $11.37.
Moving forward, all could see higher highs.
