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San Francisco supervisor Rafael Mandelman said that “Cannabis businesses create good jobs for San Franciscans and provide safe, regulated products to their customers.” Moreover, the San Francisco Board of Supervisors passed an ordinance to suspend the Cannabis Business Tax for the 2021 and 2022 tax years. This should give the legal cannabis businesses a boost.
Given this backdrop, we think it could be wise to bet on cannabis stocks HEXO Corp. (HEXO) and Neptune Wellness Solutions Inc. (NASDAQ:NEPT), which are down more than 70% in price year-to-date but possess a solid rebound potential.
