President Joe Biden’s announcement that he will not seek re-election has impacted the cannabis stock market. The sector’s reaction varied, reflecting investor sentiment and market speculation about future regulatory changes under a potential new administration. This analysis, derived from Benzinga Pro data, highlights the key movements among popular cannabis stocks 24 hours after the announcement.
Biggest Losers
Several cannabis stocks faced a downturn following the announcement. Curaleaf Holdings (OTC:CURLF) decreased by 1.3986% to $4.23. Jushi Holdings (OTC:JUSHF) dropped by 5.0847%, reaching $0.56. Green Thumb Industries (OTC:GTBIF) fell by 2.3444% to $11.455. Trulieve Cannabis (OTC:TCNNF) decreased by 1.1508% to $10.6. Cresco Labs (OTC:CRLBF) dropped by 1.7341%, reaching $1.7.
Biggest Winners
Conversely, ohter cannabis stocks saw gains following the announcement. Aurora Cannabis (NASDAQ:ACB) increased by 4.6957%, reaching $6.02. Village Farms International (NASDAQ:VFF) increased by 0.9259%, reaching $1.09. Tilray Brands (NASDAQ:TLRY) rose by 4.3575%, reaching $1.868.SNDL (NASDAQ:SNDL) saw an increase of 7.1836%, reaching $2.2187.
Medicine Man Technologies (OTC:SHWZ) experienced a gain of 100.0%, reaching $0.3. OrganiGram Holdings (NASDAQ:OGI) rose by 5.1515%, reaching $1.735.
Innovative Industrial Properties (NASDAQ:IIPR) gained 1.5641%, reaching $120.13. Cronos Group (NASDAQ:CRON) increased by 2.7311%, reaching $2.445. Canopy Growth (NASDAQ:CGC) increased by 9.9593%, reaching $7.8401.
Read Also: Will Biden’s Shaky Debate Performance Affect Cannabis Reform? How A Trump Return Could Reshape Marijuana Policy
Performance Of Cannabis ETFs
Cannabis ETFs mirrored the overall market’s mixed sentiment. AdvisorShares Pure Cannabis ETF (NYSE:YOLO) rose by 2.0528%, reaching $3.48. AdvisorShares Pure US Cannabis ETF (NYSE:MSOS) experienced a gain of 3.9811%, reaching $7.705.
These ETFs remain a barometer for broader market trends within the cannabis sector, indicating cautious optimism among ETF investors.
The trading volumes for these ETFs also showed increased activity, with YOLO trading 15,157 shares and MSOS trading 4,576,010 shares in the last 24 hours.
*Based on data from Benzinga Pro. Read Next:
- Trump Accepts GOP Nomination As Party Begins To Embrace Cannabis Legalization, Says Republican Consultant
- And: What Is The Trump Factor? Justice Dept’s Impact On Cannabis Rescheduling, Stocks And Investments
H/T: markets.businessinsider.com
