Marijuana advocates were celebrating on Wednesday along with several pot stocks seeing big gains on the results coming out of Georgia’s senate race.

With two democrats taking the Georgia seats, investors were given hopes for near-term decriminalization of marijuana.

Democrats Raphael Warnock and Jon Ossoff won their races, giving the party control of the Senate, according to projections from Decision Desk HQ and Insider.

Ossoff defeated Republican David Perdue in the runoff that was held Tuesday after neither he nor Perdue received 50% of the vote in November. He will be the youngest U.S. senator at age 32.

“This campaign has been about health and jobs and justice for the people of the state, for all the people of the state,” he said. “And they will be my guiding principles as I serve this state in the U.S. Senate.”

Shares of Tilray were soaring over 19% while Aurora Cannabis and Canopy Growth climbed 16.5% and 17.7% at intraday highs.

This is the first time that Democrats have a slim majority in the Senate and unified control of the government since 2011.

Pot stocks were also moving higher at the end of 2020 on the legalization of marijuana for recreational use in Montana, New Jersey, South Dakota, and Arizona.

So far 15 states have fully legalized marijuana, while another 16 have decriminalized the drug for non-medical use.

 


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