Canadian cannabis stocks enjoyed a big surge on Wednesday following the US midterm elections.
Election results were mixed for both Democrats and Republicans, however, cannabis companies came out a clear winner with three states voting yes to legalize the drug in some fashion.
Michigan became the first Midwest state to legalize cannabis, while Utah and Missouri both voted to legalize medicinal cannabis.
Those votes to legalize were followed by the resignation of strong cannabis opponent and now former US Attorney General Jeff Sessions.
The resignation would pave the way for updated federal laws, with one out of every five American states now having legalized recreational cannabis.
Shares in Canopy Growth Corp., Aurora Cannabis Inc. and Aphria Inc. rose by 8%, 9% and 4%, respectively.
Nanaimo, B.C.-based Tilray Inc., which trades its shares on the Nasdaq exchange in New York, closed up by more than 28%.
According to experts, Democrats taking control of the House of Representatives means more support for cannabis over the long term, but its unlikely any movement will be made on the federal level before the next election.
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