Back to top
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Amplify Alternative Harvest ETF (MJ) - free report >>
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Amplify Alternative Harvest ETF (MJ) - free report >>
Why Cannabis Stocks & ETFs Are Soaring
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 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.
Want key ETF info delivered straight to your inbox?
Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week. Get it free >>