CGC Stock Back to Pre-COVID Price Based On Election Results

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New Jersey and Arizona just voted to approve amendments to legalize the use of green for those above the age of 21. Voters in South Dakota approved it for medical use. Voters in Montana voted to legalize, regulate and tax recreational green for adults 21 and older. In addition, investors are speculating that with Joe Biden in the White House, legalization at the federal level may not be far off.

Biden has said he would “decriminalize the use of cannabis and automatically expunge all prior cannabis use convictions,” as quoted by the Boston Globe.

Tesla (TSLA) ran from $450 to $555 on two key catalysts. One, the electric vehicle boom shows no signs of slowing. Even Wedbush analyst Daniel Ives is bullish on the stock, increasing his price target to $560 from $500 a share. “With the sustained path to profitability and S&P 500 index inclusion achieved, the Tesla bull story is now all about a stepped up EV demand trajectory into 2021,” Ives said, as quoted by MarketWatch.

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Albemarle Corp. (ALB) raced from $120 to $137.26 recently on the EV and lithium demand story. The world may want millions more EVs on the road, but for that to happen, we need far more lithium which is in short supply. That’s where a company ALB comes into play.

According to Goldman Sachs analyst, Mark Delaney, a Biden win could boost further electric vehicle adoption, which could boost lithium demand even more. Plus, with governments around the world pushing for a greener, EV future, lithium will be under heavy demand.

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Shares of Coty Inc. (COTY) have been incredibly explosive, running from $3.70 to $7.55 in recent days. While it took a nasty hit for most of 2020, Citigroup analyst Wendy Nicholson just boosted her rating on the stock to a buy from neutral, and more than doubled her price target from $4.50 to $10. The analyst also believes that after better than expected earnings, and the company’s strategic vision, investors are waking back up to Coty’s potential.

BioNTech (BNTX) rallied from $86.25 to nearly $110 a share even after its vaccine was shown to have an effective rate of 95%. “Efficacy was consistent across age, race and ethnicity demographics. The observed efficacy in adults over 65 years of age was over 94%,” Pfizer and BioNTech said, as quoted by CNN.

At time of this writing, Ian Cooper does not hold a position in any of the stocks mentioned.

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