Aurora Cannabis jumped 12.53% to $4.99, Canopy Growth (CGC) - Get Report was up 4.53% to $19.86 and Tilray (TLRY) - Get Report gained 12.92% to $6.78. Cronos Group (CRON) - Get Report rose 3.07% to $5.71.
Biden and his camp have made decriminalizing marijuana on a federal level a focal point of the Democrat's presidential campaign, in contrast to President Donald Trump.
As for Tuesday's election, Biden won Michigan and Wisconsin, according to projections from both CNN and NBC, putting him closer to winning the presidency over Trump. Biden has secured 264 Electoral College votes out of the 270 necessary to claim victory. Trump has 214.
Cannabis stocks were reversing sharp losses from Wednesday over the possibility that a Republican-controlled Senate could delay federal legalization.
Voters in New Jersey and Arizona passed measures Tuesday that legalized recreational marijuana for adults age 21 and older.
In New Jersey, the ballot question passed by a wide margin, according to Associated Press.
The Legislature in the state now will have to pass another measure setting up the new marijuana marketplace.
New Jersey is the biggest state on the East Coast to legalize marijuana.
Lawmakers in the state tried last year to reach an agreement on legalizing marijuana but came up just shy of the votes necessary and left the decision up to New Jersey voters.
Gov. Phil Murphy made legalizing recreational pot a cornerstone of his gubernatorial campaign in 2017.
Approval of the marijuana measure in Arizona came four years after voters narrowly defeated a proposal to legalize recreational pot.