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Is HEXO Stock a Buy?

TheMotleyFool

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Cannabis stocks are showing much needed signs of life after the election of Joe Biden and the legalization of recreational marijuana in four new states. Since Nov. 1, the Horizons Marijuana Life Sciences ETF is up over 20%, which is even higher than the S&P 500's 8% gains this month. The excitement from the voting results has lit a fire under many stocks, both in the U.S. and across the border in Canada.

Shares of HEXO (NYSE: HEXO) are up around 28% over the same period, hitting highs it hasn't reached since June. Let's take a closer look at the stock to see whether this rally is likely to continue and if you should consider adding shares of HEXO to your portfolio today.

Image source: Getty Images.

Source Fool.com

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