Canopy Is at a Crossroads in the Changing Marijuana Market

It seems that marijuana stocks are finally starting to find some traction. The ETFMG Alternative Harvest ETF (NYSEARCA:MJ) has risen 10% in recent weeks and found technical support. And some of the sector’s individual stocks, such as Trulieve Cannabis (OTCMKTS:TCNNF), are near their record highs. Canopy Growth (NYSE:CGC) stock is in the middle of the pack. Its shares have risen significantly in recent weeks, but  they are still well below their 52-week highs.

That makes sense. There’s certainly reason to be optimistic about marijuana stocks. Market conditions are slowly improving  in Canada, where cannabis is completely legal. Meanwhile, excitement is building about cannabis’ outlook in the United States.

The Election Could Be a Positive Catalyst

With the presidential election coming up on Nov. 3, there’s a good chance that the U.S. federal government will move towards the legalization of cannabis. While some individual states have…