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4 Marijuana Penny Stocks Robinhood Traders Are Buying Right Now

Marijuana Stocks Are Few & Far Between On Robinhood But These Are Seeing Action

If there’s one group of stocks that has seen its fair share of volatility it’s been marijuana penny stocks. These cheap names have been a source of excitement and of despair with laws constantly changing. While there hasn’t been a clear cut path forward for federal cannabis legalization in the U.S. (yet), the incoming administration has vowed to make it so.

On the campaign trail, incoming Vice President Kamala Harris emphasized a commitment to push for steps to decriminalize the drug at the very least.

“We have a commitment to decriminalizing marijuana and expunging the records of people who have been convicted of marijuana offenses. When you look at the awful war on drugs and the disproportionate impact it had on black men and creating then criminal records that have deprived people of access to jobs and housing and basic benefits.”

With the Georgia Senate runoffs overnight, eyes were on the state of the outcome on Wednesday morning. Here’s what we know so far: Democrat Raphael Warnock is expected to win the special Senate runoff election against GOP Senate candidate Kelly Loeffler. Democrat Jon Ossoff is currently leading Sen. David Perdue in the other race (as of 8:50 AM EST). Why could this be important to the potential of marijuana stocks right now? If Ossoff wins, Democrats will claim control of the Senate with a 50/50 divide, plus a tie-breaking vote from Kamala Harris after she is sworn in as vice president.

December’s Bill Has Marijuana Penny Stocks In Focus

Last month the U.S. House of Representatives approved a bill to federally legalize marijuana in a historic vote. That bill then gets pushed to the senate. However, in light of recent and more important stimulus dealings, there haven’t been many updates since the House approved the bill.

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However, it doesn’t put pause on the opportunity that could be created if passed. It would generate roughly $13.7 billion in net revenue for the U.S. treasury over the next decade, according to a report by the Congressional Budget Office. It would also cut federal prison spending by nearly $1 billion. The MORE Act faced an uphill battle in the Senate due to the GOP majority.

However, in light of the recent runoff results, that may not be the case. That is, assuming, a Dem. majority would support such a bill. While there’s still plenty of unknowns to this right now, the market has digested the info and placed stronger weight on a favorable outcome in light of these runoff results. Regardless of how you feel about pot penny stocks, the market has spoken and traders are looking for marijuana stocks to buy.

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