- Pot stocks jumped on Wednesday as Democratic victories in the Georgia runoff elections boosted investors’ hopes for near-term decriminalization.
- The Democrats Raphael Warnock and Jon Ossoff won their races, giving the party control of the Senate, according to projections from Decision Desk HQ and Insider.
- Slim control of the Senate lifts Democrats’ chance of decriminalizing marijuana at the federal level.
- Tilray soared as much as 19.1%. Aurora Cannabis and Canopy Growth climbed 16.5% and 17.7% at intraday highs.
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Pot stocks rallied on Wednesday as the results of Georgia’s Senate runoff elections lifted investors’ hopes for nationwide decriminalization.
Raphael Warnock and Jon Ossoff won their races, according to projections from Decision Desk HQ and Insider, giving Democrats a slim majority in the Senate and unified control of the government for the first time since 2011.
The Democratic-controlled House passed a bill in December to decriminalize and tax marijuana at the federal level, but Senate Republicans balked at the measure. The Democrats’ wins in Georgia give the party a narrow margin to pass more progressive cannabis legislation, though Republicans would still be able to filibuster such votes.