Harris Vs. Trump: Will Cannabis Rescheduling Survive Biden’s Exit? Analyst On Potential GOP Victory
The recent announcement that President Joe Biden dropping out of the 2024 election campaign has stirred significant reactions across various sectors, including cannabis. Pablo Zuanic, senior analyst at Zuanic & Associates, outlines the implications for the cannabis industry in his recent report.
Market Reaction And Political Context
Zuanic notes that the news of Biden stepping down has been perceived positively for cannabis stocks. With Vice President Kamala Harris now more likely to face Donald Trump in the election, the market has responded optimistically.
Notable movements include Canopy Growth Corporation (NASDAQ: CGC) increasing by 17%, several large producers (LPs) rising by 9%, and the AdvisorShares Pure US Cannabis ETF (NYSE: ARCA) gaining 5.7%.
According to Zuanic, Harris has a better chance than Biden of defeating Trump in November, which could drive higher turnout for Democrats and reduce the likelihood of a Republican sweep. “A Harris vs. Trump election will likely bring cannabis more to the forefront of the overall political debate,” Zuanic says.
He cautions that this heightened focus could make …