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Cannabis stocks experienced a significant surge over the last week, driven by several factors. The marijuana industry has been benefitting from increasing legalization efforts across various jurisdictions worldwide. In the United States, hopes for federal legalization have been boosted by the Democrats’ control of the Senate, increasing the possibility of cannabis-friendly reforms. Additionally, positive sentiment was fueled by the inauguration of President Joe Biden, who has shown support for decriminalization of cannabis at the federal level. This optimism led investors to flock towards cannabis stocks, anticipating future growth opportunities. Furthermore, strong earnings reports from some prominent cannabis companies added to the positive momentum. The industry’s improved financial performance, coupled with the potential for policy changes, contributed to the surge seen in cannabis stocks over the past week.
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