When Joe Biden assumed power in January 2021, cannabis stocks skyrocketed. The reason was hopes of federal level legalization. With 2024 being an election year, there seems to be renewed excitement related to cannabis stocks. Germany’s Federal Council recently approved the cannabis bill for personal use. This has triggered renewed interest in the sector as it finally seems that regulatory headwinds will wane.
In the United States, Kamala Harris recently urged the Drug Enforcement Administration to reclassify cannabis from “Schedule I” to “Schedule III” drug. If this happens in the coming months, it’s likely to be the first step towards federal level legalization.
I therefore believe that it’s a good time to look at some of the undervalued cannabis stocks to buy. Positive news on the regulatory front can imply 5x to 10x returns in some cannabis stocks in a matter of months.
Let’s discuss three names that look attractive for a big pre-election rally.
Tilray Brands (TLRY) Source: iQoncept / Shutterstock.com
Tilray Brands (NASDAQ:TLRY) has already witnessed some price action in the recent past. In the last five trading days, TLRY stock has surged by 26%. I can say with some conviction that TLRY stock is undervalued. Positive news on
