Employees tend marijuana plants at the Aurora Cannabis Inc. facility in Edmonton, Alberta, Canada on Tuesday, March 6, 2018.
Jason Franson | Bloomberg | Getty Images
Cannabis stocks continued to rally post-election Friday after American voters in several states approved the expanded use of marijuana.
Aurora Cannabis led the way with a furious rise of more than 68% on Friday, bringing earnings on its stock to over 115% since election day. Tilray and Canopy’s growth rose around 33% and 13% respectively on Friday.
Five states, including Arizona, New Jersey and Mississippi, legalized some form of marijuana use Tuesday. according to NBC News. Oregon voters also chose to remove the jail term to punish poor possession of some other drugs, including cocaine.
Traders could also bet that Democratic nominee Joe Biden, who took the lead on Friday in Pennsylvania despite not calling the presidential election on NBC News, would be more willing to legalize marijuana at the federal level. Biden said during the campaign that he supports decriminalization but is not in favor of full legalization.
The rise in top stocks followed a dramatic decline for much of the year. Even with the jump on Friday, Aurora shares have lost roughly 60% of their value this year.