MJNA is not at all leveraged to the elections in any way. Their products actually are potentially hurt by the moves towards legalization or medical marijuana. With that said, the stock's unique ticker and the fact that many investors don't take the time to actually look into what the company actually does or tries to do can lead to strong rallies on shifts in sentiment. Over time, this effect is wearing off. For instance, MJNA struggled at the 2013 highs earlier this year, while many in the sector moved much higher than their previous highs. Over time, investors will figure out that MJNA is the oregano of the marijuana sector.
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