Are These Marijuana Penny Stocks On Your Watch List Right Now?
It’s become a well-known fact that marijuana penny stocks have received the brunt of the market sell-off in 2020. That makes sense considering so many were already catching a beat down that really began last year. But as the election nears, the discussions on marijuana legalization and decriminalization are beginning to emerge once again.
Last week’s momentum stemmed from comments made by Vice Presidential candidate Kamala Harris at the VP debate. She said marijuana would be decriminalized at a federal level in the United States under a Biden administration. She also explained that the Biden administration would also expunge the criminal records of people convicted of marijuana-related offenses in the past.
You can clearly see the optimism echoed by marijuana stock ETFs like the Cannabis ETF (THCX Report), which climbed to new October highs, extended a 5-day rally and experienced its highest, single-day share volume since March, on Friday.
What’s more, is that the sector also saw some excitement in light of the latest focus on the SAFE Banking Act. In particular, the Democrat-backed HEROES 2.0 package for stimulus relief included some verbiage on the matter. The SAFE Banking Act would allow banks and other financial institutions to work directly with state-legal marijuana businesses. So as the conversation grows around decriminalization