Cannabis stocks are soaring again

Shares of major cannabis stocks are soaring once again following the news that Joe Biden’s transition has formally begun. The uptick is fueled by expectations that the incoming administration will loosen regulations, as well as more US states legalizing sales of recreational marijuana. Canopy Growth (CGC) rose 6%, Aurora Cannabis (ACB) surged 25% and Tilray (TLRY) jumped 14% in early trading. Other cannabis stocks on the move include global cannabis leaders Curaleaf (CURLF), Aphria (APHA) and Cronos (CRON), which has a big investment from tobacco giant and Marlboro owner Altria (MO). The stock spikes are also following a broader market rally Tuesday.Earlier this month, voters in Arizona, Montana, New Jersey and South Dakota cleared cannabis for adult use, bringing the total number of states that have approved it for that purpose to 15. Industry executives have publicly stated their happiness about the election outcome. The chief executive officer of Canopy, which has the financial backing of Corona owner Constellation Brands (STZ), was particularly upbeat about what the changes in the political landscape might mean for the industry.