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Why Cannabis Stocks & ETFs Are Soaring

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Cannabis stocks have been soaring lately on the news that Joe Biden's transition has formally started. Biden’s victory in the U.S. presidential election could speed up the legalization of marijuana at the federal level, thereby providing a boost to the U.S. cannabis industry.

On Dec 4, the House passed a sweeping legislation to decriminalize marijuana and remove nonviolent marijuana-related convictions. This was the first time that both the chambers of Congress recognized the legalization of cannabis. However, the move can be opposed by the Senate members.

Moreover, in early November, voters in Arizona, Montana, New Jersey and South Dakota voted in favor of the adult use of cannabis, bringing the total number of states that have cleared it for that purpose to 15.

All these positive updates boosted the cannabis ETFs like Amplify Seymour Cannabis ETF (CNBS - Free Report) , AdvisorShares Pure Cannabis ETF (YOLO - Free Report) , Cannabis ETF (THCX - Free Report) and ETFMG Alternative Harvest ETF (MJ - Free Report) in recent weeks. The funds have gained in the range of 15.5% to 25.7% in the past month.

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