News
John Smaug
- November 02, 2023
Cannabis company stocks experienced significant gains during a market rally on Thursday. Several major players in the sector saw impressive increases in their stock prices. Here are some notable performances:
Curaleaf Holdings Inc. (CURLF): 4.7% Increase
Verano Holdings Corp. (VRNOF): 5.7% Jump
Green Thumb Industries Inc. (GTBIF): 7.1% Rise
Trulieve Cannabis Corp. (TCNNF): 3.9% Upward Movement
Tilray Brands Inc. (TLRY): 6% Surge
Canopy Growth Corp. (CGC): 8.8% Growth
Ascend Wellness Holdings Inc. (AAWH): 6.8% Upswing
Investors also witnessed positive movement in cannabis-related exchange-traded funds (ETFs). The AdvisorShares Pure U.S. Cannabis ETF (MSOS) recorded a 4.2% increase, while the ETFMG Alternative Harvest ETF (MJ) saw a 5% rise.
However, not all cannabis companies experienced gains during the rally. Cresco Labs (CRLBF) maintained status quo, with no change in its trading value, while Ayr Wellness (AYRWF) faced a 2.4% decline.
Potential Progress for Medical Marijuana Advocates
In other news, the U.S. Senate recently voted in favor of the Military Construction, Veterans Affairs, and Related Agencies (MilConVA) measure, with an overwhelming vote of 82-15. This crucial legislation includes a provision that would permit doctors at the U.S. Department of Veterans Affairs (VA) to recommend medical marijuana to patients residing in states where it is legal.
This decision has been widely celebrated by advocates of medical marijuana, as it highlights increasing acceptance and recognition of the plant's therapeutic value. The final version of the bill will be determined through a conference with the House, which previously approved a similar provision for VA doctors.
As the cannabis industry continues to evolve and gain traction, these recent developments have further solidified its position as a significant force in the market. Investors and industry experts eagerly await future advancements and potential regulatory changes that may shape the future of this burgeoning sector.
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