The ETFMG Alternative Harvest ETF (NYSEArca: MJ), the only dedicated marijuana ETF listed in the U.S., surged again Wednesday, bringing its month-to-date gain to around 25%. While the marijuana fund has recently experienced a massive rally, some market observers believe cannabis stocks could offer more near-term upside.

MJ seeks to provide investment results correspond generally to the total return performance of the Prime Alternative Harvest Index, which is concentrated in the pharmaceuticals and tobacco industries. November’s midterm elections could be the next catalyst to send cannabis stocks surging.

“Cowen’s Washington Research Group looked into a few potential outcomes for November and found that regardless of the political party in power, midterms will ‘deliver incremental catalysts’ for the pot landscape,” reports CNBC.

Jeff Sessions Speculation & Cannabis

President Trump has recently been increasingly critical of Attorney General Jeff Sessions, stoking speculation Sessions could be replaced. That is widely seen as a boon for marijuana equities given Sessions’ hostility toward legalization of cannabis.

“Few industries are better positioned than cannabis regardless of outcome,” Cowen senior analyst Vivien Azer wrote in a note to clients this week, reports CNBC. “Generally speaking, the higher the Blue Wave, the better for the budding industry though even a potential Red Wave is likely to feature pockets of good news.”

Related: MJ (ETFMG Alternative Harvest ETF)

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