Why $OGI marijuana stock skyrocketed this week?On Friday, the two chambers of Virginia's General Assembly passed marijuana legalization bills. The two must be reconciled for consistency's sake; afterward, the combined version will be sent to legalization supporter Gov. Ralph Northam for his signature.
So what fueled the great enthusiasm for marijuana stocks on Monday?
it was the increasing likelihood that marijuana would be decriminalized at the federal level and thus made legal in most states.
If that occurs, Canadian weedies -- Tilray, Aphria, Aurora, HEXO, and OrganiGram are all headquartered north of our border -- will have free rein to sell their wares directly to U.S. consumers. Under current federal law, they are prohibited from doing so.
Momentum is snowballing for federal U.S. decriminalization, and Virginia's move is only the latest evidence of this. While this won't alleviate all the challenges of the marijuana industry, it will significantly improve its prospects. Pot stock investors are right to be enormously cheered by this development.
Cannabis legalization is sweeping over North America – 15 states plus Washington, D.C., have all legalized recreational marijuana over the last few years, and full legalization came to Canada in October 2018.
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