November 3 was an Election Day to remember, with several cannabis legalization measures being given the green light at this year’s all-important event. The day on which Joe Biden celebrated his presidential victory also saw five U.S. states legalize the plant for medical and/or recreational purposes — Arizona, Mississippi, Montana, New Jersey and South Dakota.

As a direct effect of voter-approved measures passing in these states, cannabis stocks ventured in a northerly direction. Since Biden’s plan calls for cannabis decriminalization and the end of all incarceration for drug abuse, better reform efforts could be on the horizon; acting as a catalyst for flourishing pot stocks.

Some of the most notable surges were as follows:

• Canopy Growth (CGC) climbed 10 percent
• Aurora Cannabis (ACB) grew 20 percent
• Tilray (TLRY) grew 10 percent

In addition to these pot stocks, some other post-election winners were Aphria (APHA), Curaleaf (CURLF) and Cronos (CRON). Should the current vote projection hold and presidency be officially claimed by Joe Biden, there’s a good opportunity for the SAFE Banking Act to be enacted. This would mean that financial institutions can begin legally serving cannabis industry companies and cannabis stocks would get an added boost.

Cannabis reform gained momentum after the big election 

Every cannabis legalization initiative was approved at the November election, which saw Joe Biden scoop enough votes to become the next U.S. President. Recent reports suggest that cannabis industry executives are overwhelmed with the news, which is to be expected. After all, federal lawmakers are more likely to change their stance on cannabis legalization at the federal level now that 15 U.S. states have legalized the plant for adult-use purposes.

The chief executive officer of Canopy gushed over the passing of cannabis legalization measures at the 2020 U.S. elections. CEO David Klein, whose company boasts financial backing from Constellation Brands (STZ) – owner of Corona and big player in the cannabis-infused beverages space – told analysts that the Biden win is “an important step on the path to federal permissibility of cannabis in the U.S. market through decriminalization and descheduling.” 

“The results of the ballot initiatives clearly showcase that support for adult-use cannabis legalization extends across geographic and party lines and is supported by a majority of Americans. Legal cannabis is becoming the American norm,” he continued to tell analysts during the recent conference call.

Cannabis industry advocates and experts say that people are growing increasingly frustrated with outdated drug policies from the 1970s and therefore non-legal states are likely to experience more pressure to legalize weed. Eventually, there’s the hope that cannabis will be removed from its Schedule I status under the Controlled Substances Act (CSA).

Canadian cannabis company CEO thinks Election Day results will trigger decriminalization 

At the very least, analysts predict that the aftermath of Election Day could center around cannabis decriminalization. Advocates could be celebrating sooner rather than later, with the U.S. House of Representatives’ eagerly-anticipated vote to federally decriminalize the plant looming — a December hearing could seal the plant as a federally accepted substance.

Due to the recent string of legalization that has swept across the U.S., cannabis industry leaders remain hopeful. For example, Canopy is so optimistic of rapid reform efforts that the company intends on rolling out its cannabis-infused drinks across the U.S. in the near future. 

Although the Canadian cannabis company’s range of beverages contain the non-psychoactive compound CBD (cannabidiol) and not the psychoactive element THC (tetrahydrocannabinol), this is not to say that THC-infused products won’t also begin infiltrating the U.S. cannabis space.

“What we see both in the U.S. and globally is an increasing sort of openness towards THC-bearing cannabinoids and that bodes well for a company like Aurora,” said CEO Miguel Martin of another Canadian cannabis company — Aurora. Martin recently told reporters that he thinks federal cannabis law changes in the U.S. are likely.

“The Biden-Harris position is clear…I think it’s going to have to be a little more articulated on what the timing is,” he concluded.