The marijuana industry is receiving a boost following the Vice Presidential debate. After California Senator Kamala Harris vowed to decriminalize marijuana during the Vice Presidential debate, stocks have received a boost.
Harris also said that she and Joe Biden would expunge the records of those who have been convicted of marijuana offenses in the past.
“Access to safe banking will transform the industry, freeing up capital markets for investment and reducing the risk of operating a cannabis business,” said Keith Cich, co-founder of cannabis-related products manufacturer Sunderstorm Inc., according to the New York Post.
From the report:
Cannabis stock tracker MJ ETF MJ.P rose 5.5% to mark its best session since early June, while Tilray Inc jumped 19.2% on the Nasdaq. U.S.-listed shares of Canopy Growth Corp, Aphria Inc and Aurora Cannabis Inc closed between 10% and 13% higher.
Even though many U.S. states have legalized marijuana use, banks and other traditional financial institutions have so far largely refused to work with the industry as cannabis is still a classified substance at the federal level.
If the Biden/Harris ticket does end up the winner in November, it will be interesting to see if they follow through on their promises made on the campaign trail.
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