Here's how Joe Biden's election win could affect the cannabis industry

Emily Paxhia, managing partner at Poseidon Asset Management, joins “Squawk on the Street” to discuss her outlook for the cannabis industry. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi

Cannabis stocks continued their post-election rally on Friday after American voters in several states approved expanded use of marijuana.

Aurora Cannabis led the way with a furious climb of more than 56% on Friday, bringing the stock’s gain since Election Day to nearly 100%. Tilray and Canopy Growth surged by roughly 23% and 11%, respectively, on Friday.

Five states legalized some form of marijuana use on Tuesday, including Arizona, New Jersey and Mississippi, according to NBC News. Voters in Oregon also chose to remove jail time as a punishment for small possession of some other drugs, including cocaine.

Traders may also be betting that Democratic nominee Joe Biden, who took the lead in Pennsylvania on Friday even as the presidential election remained uncalled by NBC News, would be more willing to legalize marijuana on a federal level. Biden said during the campaign that he supported decriminalization but did not endorse full legalization.

The spike for pot stocks follows a dramatic decline for much of the year. Even with Friday’s jump, Aurora shares have lost more than 60% of their value this year.

» Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision
» Subscribe to CNBC: https://cnb.cx/SubscribeCNBC
» Subscribe to CNBC Classic: https://cnb.cx/SubscribeCNBCclassic

Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide.

The News with Shepard Smith is CNBC’s daily news podcast providing deep, non-partisan coverage and perspective on the day’s most important stories. Available to listen by 8:30pm ET / 5:30pm PT daily beginning September 30: https://www.cnbc.com/2020/09/29/the-news-with-shepard-smith-podcast.html?__source=youtube%7Cshepsmith%7Cpodcast

Connect with CNBC News Online
Get the latest news: http://www.cnbc.com/
Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC
Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC
Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC
Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC

https://www.cnbc.com/select/best-credit-cards/

#CNBC
#CNBCTV

19 Comments

  1. JK on December 6, 2020 at 9:32 pm

    The election has not been certified. Saying it over and over does not make it so



  2. David R on December 6, 2020 at 9:38 pm

    Bankers need to get with the times. It’s 2020!



  3. And Rew on December 6, 2020 at 9:46 pm

    Cresco



  4. Kyle B on December 6, 2020 at 9:47 pm

    Lol at "pot" I can tell these guys are old just from that.



  5. COVID2020 ALARM on December 6, 2020 at 9:57 pm

    PreSS Elect Joe Biden is a Fraud.



  6. Ismail Mansoor on December 6, 2020 at 9:59 pm

    Entrusted. Tobacco and Cigarette manufacturers of the United States. Brief Requisition to seek relief of easing restrictions. Bar Note Lady Justice Amy Barrett and Honorable Justice Ismail Cassim Mansoor aka Luke and Mansoor ET AL



  7. Alpha Status on December 6, 2020 at 9:59 pm

    Terrific APHA Video here https://youtu.be/9onhQzzU9og



  8. ratwoodViktor hogrefeKomárek on December 6, 2020 at 10:04 pm

    Fantastic video ❤️Being someone who always looks for opportunities to diversify and hold good investment in different portfolios, meeting Mr Davies O’Brien was a deal breaker for me (Now, we all know the saying about trading *BITCOIN* and the financial markets generally) but Mr Davies O’Brien is more like a myth buster. Trading/investing bitcoin with his guidance is very easy and highly profitable because of his strategy *PRICE ACTION MARGIN* which i find 90% accurate to generate trade signals and yields good profit on trading, with which i use in growing my portfolio to 6.5 btc with my initial 0.8 btc in 5 weeks of active day trading with his strategy. I will advice all traders/investors to look into trading as the market is bullishing and its still not late time to day trade those little coins you have and you can still buy little and grow your coins with Mr Davies daily signals. Mr Davies O’Brien makes you learn while earning massively. He can be contacted via *whatsapp +44 7723 173885 and telegram @daviesbrien* for crypto inclined concerns.



  9. DJ Digital on December 6, 2020 at 10:07 pm

    Biden not my President.
    https://youtu.be/QCALktq05_A



  10. Chris Molloy on December 6, 2020 at 10:08 pm

    Love knowing more about this industry



  11. Aaron Richards on December 6, 2020 at 10:11 pm

    B0ycott c0nservative bankers



  12. Jesse Han Xuan on December 6, 2020 at 10:11 pm

    Bitcoin and stock trading right now will be at every wise individuals list, in few months you’ll thank yourself for taking such decisions.
    The world is gradually moving out of the "I work for my boss era" as people are making money from the comfort of their homes these days. The world is going digital, working smart is far better than work hard.
    Although trading Crypto Currency and stocks isn’t an easy task, one needs to have proper guidance and experience. I would count myself lucky to have Mr. Ainsworth Hatch as a guide, with his signals and assistance I have worked up my trading portfolio to 3 btc within the space of 5 weeks.
    My losses are minimal compared to my previous trades and am more grounded with the knowledge of trading with each passing trade session.
    Bitcoin isn’t slowing down soon, now is the time to make the best of this bullish spread…

    Mr. Ainsworth can be reached for assistance on WhatsApp: +17372197866



  13. Nick Kinney on December 6, 2020 at 10:12 pm

    Legalize my cannabis.



  14. ☺smylyface☺ on December 6, 2020 at 10:13 pm

    Trump legalized CBD oil, created "the right to try" and is 100% in favor of medicinal marijuana. He wants to end the opioid epidemic in the USA and says marijuana is a safer alternative.



  15. MadO on December 6, 2020 at 10:19 pm

    shaking the shares out of shareholders, there are only a handful of reliable operaters, who actually have good business practices. #tcnnf



  16. Da Vee Day! on December 6, 2020 at 10:20 pm

    lol………toke up while ya can…….party has to come sooner or later



  17. James Brown on December 6, 2020 at 10:22 pm

    0:14
    dating-near.online



  18. ltachi526 on December 6, 2020 at 10:30 pm

    It won’t. People are literally in jail because of weed, Biden and Kamala Harris

    Stop mocking the ignorant masses



  19. Tony Kang on December 6, 2020 at 10:31 pm

    Biden stock acb.tlry.sndl.buybuybuy buybuybuy