Marijuana could be the real winner in upcoming midterm elections.
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.
"Few industries are better positioned than cannabis regardless of outcome," Cowen senior analyst Vivien Azer wrote in a note to clients this week. "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."
Weed stocks have caught the attention of Wall Street in recent weeks. Canadian marijuana producer Tilray rose 40 percent Wednesday and is set to add to a 400 percent increase over the last month. Producers Canopy Growth and GW Pharmaceuticals rallied 7 percent and 3 percent, respectively, on Wednesday. Tilray posted its second-best day ever on Tuesday after announcing approval from the Drug Enforcement Administration to import pot to the United States for medical research.