Shares of publicly traded cannabis companies surged late Thursday and then declined Friday morning after U.S. President Joe Biden’s surprise announcement that he would direct the government to review the federal drug scheduling of marijuana and issue pardons for federal MJ-possession offenses.
The cannabis stock rally included exchange-traded funds that track the regulated cannabis industry.
ADVERTISEMENT
The AdvisorShares Pure US Cannabis ETF was up about 34% in less than an hour on Thursday, Bloomberg News reported.
The ETFMG Alternative Harvest ETF was up Thursday by almost 20%, according to Reuters.
Both ETFs had given up some of their Thursday gains by Friday morning.
Shares of many U.S. multistate marijuana operators and ancillary companies – including Columbia Care, Cresco Labs, Curaleaf Holdings, Green Thumb Industries, Verano Holdings and WM Technology – mostly followed a similar pattern, shooting up late Thursday after the White House announcement.
The shares then declined to
Read full article on Marijuana Business Daily
