What happened Marijuana stocks soared on Tuesday, as the transition from the Trump administration to the Biden administration officially began. By the closing of trading, shares of Aphria (NASDAQ: APHA), Canopy Growth (NASDAQ: CGC), Cronos Group (NASDAQ: CRON), HEXO Corp (NYSE: HEXO), and Tilray (NASDAQ: TLRY) were up 8%, 9%, 9%, 11%, and 17%, respectively. So what Biden has promised to decriminalize marijuana. Decriminalization at the federal level would be a welcome relief for cannabis companies for several reasons. For one, it could make it easier for them to obtain traditional banking services, which many banks have been hesitant to provide. For another, decriminalization could help to sway lawmakers and voters in more states to support marijuana legalization initiatives. Cannabis stocks popped on Tuesday on hopes that the U.S. will embrace marijuana reform. Image source: Getty Images. The trend toward legalization at the state level is already well underway. Five more states -- New Jersey, Arizona, Montana, Mississippi, and South Dakota -- recently took steps toward legalizing either medical or adult use marijuana. With the coronavirus pandemic taking a heavy toll on many states' budgets, others are likely to approve cannabis sales in the coming years. Now what Aphria, Canopy Growth, Cronos Group, HEXO, and Tilray all stand to benefit from the marijuana industry's expansion. The U.S. has long been viewed as the most promising cannabis market, with the potential for annual sales of as much as $100 billion within the next decade, according to investment bank Stifel. Investors believe a Biden presidency is more likely to help bring about this lucrative scenario, and they're bidding up marijuana stocks in kind. 10 stocks we like better than Canopy Growth Corp.When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Canopy Growth Corp. wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of November 20, 2020 Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool recommends HEXO. The Motley Fool has a disclosure policy.Source