Marijuana stocks were reeling Wednesday on the heels of adult-use legalization failures on Election Day in Florida, North Dakota and South Dakota and the grim prospects of national MJ reform under a second Donald Trump presidency.
The American Cannabis Operator Index, which includes nine U.S. publicly traded cultivators, processors, retailers and brands, was down nearly 27%, to $10.72, in afternoon trading.
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Seizing on the ballot rejections, particularly the big loss in Florida, as well as new Republican control in the Senate and the presidency in January, investors sent cannabis stocks tumbling.
Among the biggest losses on U.S. stock exchanges:
Verano Holdings, which trades as VRNO on the Cboe Canada exchange, was down 26.5%.
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Conversely,
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