The End of July Continues to Show Positive Momentum for Pot Stocks
As July comes to an end, we have witnessed several days of positive gains for many leading marijuana stocks. While we would love to say that this is simply due to the potential of pot stocks in the future, there are some factors that made this jump possible. These factors include earnings reports for some major pot stocks, as well as some key legalization efforts that might shift the cannabis industry. But, there is no one major event that can make cannabis stocks jump. Rather, it seems as though investors do believe in the next few years of marijuana stocks.
With so much potential in the industry in every direction, overall in 2020 we have continued to see gains. These gains do happen to be quite random, but there are some factors that continue to affect cannabis stocks. Investors should always remember to watch the news and see what events will change the industry on a broad basis. With this in mind, we can begin to understand where marijuana stocks may be headed in the near future.
What Happened With Major Pot Stocks to Watch?
On Tuesday, July 28th, investors watched several leading pot stocks to watch climb by substantial amounts. Curaleaf Holdings Inc. (OTC:CURLF) shot up by as much as 9% with other pot stocks following in its lead. For Curaleaf alone, the company has gone up in value by around 45% in July so far. This sentiment seems to be shared amongst most major marijuana stocks. So why the sudden jump in value? Well, it definitely isn’t due to news surrounding legislation anytime soon. The cannabis industry has been put on hold by the federal government due to the COVID pandemic. Rather, the demand for marijuana from the pandemic has resulted in solid gains across the board.
Because of this, marijuana stocks have continued to push expectations in their financial reports. Several times this year, major pot stocks to watch have wildly outperformed expectations. This means that more and more investors are looking at the cannabis industry as a source of potential gains. In addition to this, news about Joe Biden’s potential lead in the Presidential race has made investors hopeful about federal legalization. Many believe that Biden’s election could mean legal cannabis by next year.
What Is In Store For Marijuana Stocks Now?
Moving forward, investors should make sure to follow up on news around North America. This news affects the cannabis industry on a great level. With July coming to an end, investors symbolically begin to think about the end of the year. At the end of 2020, we have a presidential election in the U.S. In addition, cannabis is going to be on the ballot for several leading states at the end of 2020.
For that reason, many investors are beginning to stock up on pot stocks that they believe in. And although the trajectory of the cannabis industry is relatively unknown, it does seem that some growth is almost certain. When and where that growth will occur remains up in the air. And due to the uncertainty of COVID, no one truly knows when new laws will go into place. But for now, the cannabis industry is continuing to be filled with promise for the future.
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