Medical Cannabis Stocks Rise After the Election

The results of the election were surprising to many, but those in the cannabis community weren’t as shocked to expect that so many people in the country approve of medical or recreational cannabis. As a result, even a few cannabis stocks are showing significant growth and change after the election passed.

One name you’ll find throughout the internet is GW Pharmaceuticals (GWPH), as well as Zynerba Pharmaceuticals Inc (ZYNE), and are both companies which specifically gained 6.0 and 3.0 percent increase the day after the election, according to Benzinga.

Benzinga also notes that the aforementioned stocks had traded with non-cannabis pharma companies like Merck & Co., Inc (MRK) and Pfizer Inc. (PFE), the two of which gained 6.5 percent and 7.1 percent following the announcement of election results. Over the counter cannabis stocks such as Kush Bottles Inc (KSHB), Cannabis Pharmaceuticals Inc (CNBX) and Cannabis Sativa Inc (CBDS), actually sold off an estimated 10 percent during that crucial post-election time.

420 Investor, Alan Brochstein, told Benzinga that business is rising, but there is still cause for alarm if the new president chooses to oppose cannabis, “Biotech rally, though there has been some speculation that the new president, with control of Congress, could be negative for the state-legal cannabis,” said Brochstein. Only with time will we see how the cannabis industry will grow, now that a handful of other states have legalized medical or recreational cannabis.