According to murmurings in the sector that is indeed the case.
Several cannabis and hemp companies are planning initial public offerings in a bet that Democratic candidate Joe Biden will win next month’s election, Reuters reports. Representatives from Flora Growth, Gage Cannabis, BioMedican, and Vertical Wellness each indicated plans to go public next year, in part, due to the growing possibility of a Biden win in November.
The report notes that following the September 29 presidential debate, stock in cannabis companies with US operations, including Curaleaf Holdings, Cresco Labs Ltd, and Green Thumb Industries Inc, rose more than 20 percent. A post-debate FiveThirtyEight analysis suggests that Biden received a slight bump in the polls following the debate, while Republican President Donald Trump’s rating dipped slightly.
Flora Growth CEO Damian Lopez said he believes the election “will be a huge catalyst” for U.S. cannabis industry growth, adding that “regardless of who wins, more and more states are showing their support for cannabis.”
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Cannabis Firms Consider IPOs Anticipating a Biden Presidency