All eyes were on the Georgia special Senate run-off elections on Tuesday with the control of the U.S. Senate hanging in the balance. It looks like that control will shift from the GOP to the Democrats.
Democratic Senate candidate Rev. Raphael Warnock has already been declared the victor in his race against incumbent Republican Sen. Kelly Loeffler. In the other Senate run-off in Georgia, Democrat Jon Ossoff appears to have narrowly prevailed over incumbent GOP Sen. David Perdue.
After these run-offs, both Democrats and Republicans will hold 50 seats in the U.S. Senate. That will give the tie-breaking vote to Vice President-elect Kamala Harris, effectively handing control of the legislative chamber to the Democrats. This could have enormous implications for the cannabis industry. Here’s what Georgia’s Senate results likely mean for marijuana stocks.
Paving the way for cannabis reform
The majority of Americans support legal cannabis. Thirty-five states have legalized cannabis for either medical or recreational use — or both. But marijuana remains illegal at the federal level largely because of current Senate Majority Leader Mitch McConnell.
Sen. McConnell has adamantly opposed any changes to federal marijuana laws. He has used his position as Senate Majority Leader to prevent any legislation related to cannabis reform from coming to a vote on the Senate floor. Assuming Jon Ossoff defeats David Perdue, Sen. McConnell won’t have the power to block cannabis