Cannabis investors have endured a brutal 2020, and hopes that the November election will serve as a catalyst for federal US legalization are fading fast.
However, according to Cantor Fitzgerald analyst Pablo Zuanic, a potential election “blue wave” victory for Democrats could be more bullish for cannabis stocks than investors realize.
Election Year Disappointment: Many investors were hoping that federal legalization of cannabis would be a hot topic this election year, but neither US presidential candidate has made it a key focus of his campaign. A late 2019 Gallup poll found that 76% of Democratic voters favor marijuana legalization, yet the official 91-page Democratic Party platform document released this year only mentioned “marijuana” and “cannabis” three times, and not at all until page 37.
Democratic nominee Joe Biden, who leads President Donald Trump handily in the polls, has consistently said he is …