Cannabis stocks are racing to higher highs.
All after Virginia became the first southern state to legalize its use by 2024.
“The compromise bill that delays retail sales of the drug for three years turns Virginia into the first Southern state to vote to legalize marijuana for adults, joining 15 other states and the District of Columbia. The bill still has to be signed by Democratic Gov. Ralph Northam, who has been vocal about his support for marijuana legalization,” reports Slate.
The bill now goes to the desk of Gov. Ralph Northam, who has voiced his support.
On top of that, several other states are looking to legalize its use including New York, Connecticut, Rhode Island, New Mexico, North Dakota, Maryland, and Delaware. Helping quite a bit, a new poll for Gallup says 68% of Americans are in favor of legalization.
“Americans are more likely now than at any point in the past five decades to support the legalization of marijuana in the U.S. The 68% of U.S. adults who currently back the measure is not statistically different from last year’s 66%; however, it is nominally Gallup’s highest reading, exceeding the 64% to 66% range seen from 2017 to 2019.”
With support growing like a weed, some of the top cannabis stocks to consider include the ETFMG Alternative Harvest ETF (MJ), Canopy Growth (CGC), Aurora Cannabis (ACB), Aphria Inc. (APHA), Cronos Group (CRON), Tilray Inc. (TLRY), HEXO Corp. (HEXO), and GW Pharmaceuticals (GWPH).