. Emily Paxhia is managing partner at Poseidon Asset Management and joins “Squawk on the Street”, to talk about her outlook on the cannabis market. For access to live and exclusive video from CNBC subscribe to CNBC PRO:
After several states approved legalizing expanded marijuana use, cannabis stocks saw a continuation of their rally post-election.
Aurora Cannabis was the leader with a wild climb of more 56% Friday. This brought the stock’s gain to almost 100%. since Election Day. Tilray and Canopy Growth soared by approximately 23%, and 11%,, respectively, on Friday.
According to NBC News, five states legalized marijuana use Tuesday. These included New Jersey, Arizona, and Mississippi. Voters in Oregon also voted to abolish jail time for small possessions of other drugs, such as cocaine.
Traders could also be betting on Joe Biden, the Democratic nominee in Pennsylvania, being more open to legalizing marijuana at a federal level. Biden stated during the campaign that while he supports decriminalization, he did not support full legalization.
After a sharp decline throughout the year, pot stocks have seen a spike in value. Aurora shares lost 60% more this year despite Friday’s jump.
>> Subscribe to CNBC TV: n
>> Subscribe to CNBC: C
>> Subscribe to CNBC Classic: c
CNBC TV is your source for the most recent stock market news and analysis. CNBC TV is the global leader in business news, covering everything from market futures to live price alerts.
CNBC’s Daily News Podcast, The News with Shepard Smith, provides deep, non-partisan coverage of the most important stories and perspectives. Available to listen by 8: 30pm ET / 5: 30pm PT daily beginning September 30:
Connect with CNBC News Online
Get the latest news: /
Follow CNBC on LinkedIn: C
Follow CNBC News on Facebook: C
Follow CNBC News on Twitter: C
Follow CNBC News on Instagram: C
#CNBC
#CNBCTV
