A game changing election result rocked the stock market. First stocks fell, then ended nearing record highs. But no stocks benefitted more than stocks in the cannabis industry, which rose significantly on the legalization of marijuana in for states: California, Massachusetts, Nevada and Maine. Arizona was the only state voting on recreational marijuana that rejected the initiative. But the rest of the states were all in.
Here are some big winners:
Shares of Pineapple Express Inc. (OTCBB: PNPL) rose and closed over 34%. Pineapple Express. Cannabis Corp. (OTCBB: CNAB) shares were up more than 13% while American Cannabis Co. (OTCBB: AMMJ ) rose nearly 8%. Shares of CNAB and AMMJ dipped later after a mini sell-off, but investors who haven’t looked into the cannabis space before the election shouldn’t think that they missed the boat. In fact, the boat –and the upside of pot stocks—just got much bigger.
Marijuana stocks will gain steam overall as legalization becomes implemented. Investors should look into stocks in the cannabis testing space in particular, a space that is going to explode as these pot-friendly states continue to implement mandatory testing of marijuana and marijuana products in the wake of this industry changing election result.
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