A Democratic Wave Could Make Things Much Easier For The Marijuana Industry
Joe Biden however is not in favor of cannabis legalization
The U.S. marijuana industry will take a turn for the better if Democrats find a way to sweep the November election, but investors should be selective about their stock picks, CNBC’s Jim Cramer said Tuesday.
While Democratic presidential nominee Joe Biden is not in favor of legalizing cannabis, investors can expect the regulatory environment to be loosened for weed operations if he wins the White House and his party gains control of the Senate, the “Mad Money” host said. Biden calls for decriminalizing marijuana use and expunging all prior cannabis use convictions as part of his criminal justice plan.
“If you want to bet on a blue wave in two weeks, a Democratic wave could make things much easier for the marijuana industry,” he said.
As for the stocks to play in the space, Cramer recommends investors pass on most of the Canadian cannabis producers because he expects there would be a boom in domestic production. He did, however, recommend Ontario-based Canopy Growth, which is backed by alcohol giant Constellation Brands and has an interest in the U.S. grower Acreage Holdings.
“Just remember, stick to the picks and shovels plays or the vertically integrated operators that are actually profitable,” Cramer said.
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