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The results will determine if the Democrats control both chambers of Congress or if Biden’s opposition from cannabis opponent Mitch McConnell.

“We will see a positive bump due to the Biden/Harris win, but a Democratic Senate will be critical to effectuating any big changes, such as the MORE Act,” said Matt Hawkins, founder and managing partner of Entourage Effect Capital.

Jonathan Storper, a partner at Hanson Bridgett and leader of its Cannabis Law practice, said a Biden decriminalization plan would provide modest increases in market support if implemented. However, Storper does not expect the market to receive much of an early impact as a result of other pressing matters in the world. He did, however, that an executive order from Biden could provide an early market impact.

FILE: Former vice-president and Democratic presidential nominee Joe Biden (L) and Senator from California and Democratic vice presidential nominee Kamala Harris greet supporters outside the Chase Center in Delaware at the conclusion of the Democratic National Convention, held virtually amid the novel coronavirus pandemic, on Aug. 20, 2020. / Photo by OLIVIER DOULIERY/AFP via Getty Images

Storper believes a Democrat-held Congress would likely take up the SAFE Banking and MORE Acts, generating long-term market effects. He predicted that Biden would at least support SAFE banking, if not both acts.

“This support could also enable more research and development of drugs and other therapeutics using CBD and THC,” he said of the potential impact.

Hawkins said that if investors want to focus on policy, then January’s runoffs in Georgia are crucial to gauging what may happen in the 117th Congress.

Upward market momentum regardless

Both Hawkins and Storper predict continued cannabis momentum regardless of the results. “We will see continued positive momentum simply because of how companies are performing, which is unrelated to what’s happening in Washington,” said Hawkins, crediting an overall positive perception of legalization around the U.S. as the driving factor.