With only hours left until the election, investors are scrambling to determine which stocks could be impacted by the results. Key votes on marijuana legalization in nine states could be huge for marijuana and pharma stocks.
The election could boost marijuana stocks in the short term if marijuana initiatives pass in most or all of these nine states. In fact, I wrote an article about this potential trade a while back.
To my surprise, I have since learned that several pharma stocks are actively campaigning against these marijuana initiatives. Surprisingly, one of these pharma companies is actively working on marijuana-related drug research.
Why would companies actively working on marijuana-based pain drugs be donating to defeat legalization initiatives? Although it may seem counter-intuitive, the answer is an all-too familiar one: money.
These three pharma stocks could lose a lot of money if marijuana is legalized.
Pharma Stocks That Lose If Marijuana Wins: Insys Therapeutics (INSY)
To my surprise, one of the few Nasdaq-listed marijuana-related stocks, Insys Therapeutics Inc (NASDAQ:INSY), is…
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