Cannabis stock prices
Despite weakness in the broader equity market with the S&P 500 Index falling ~0.8% on January 28, only one of the ten cannabis companies considered for analysis was trading in the red. On the same day, the ETFMG Alternative Harvest ETF’s (MJ) stock price rose 5.6%.
On January 28, Forbes reported that in response to senators’ questions, William Barr, the US attorney general nominee, said in a written statement that “As discussed at my hearing, I do not intend to go after parties who have complied with state law in reliance on the Cole Memorandum.”
Barr expressed his support for increased research in the cannabis sector. He stated that more legal marijuana growers should get approval for research. Previously, Barr opposed marijuana legalization. His statements appear to have increased investors’ confidence, which led to a rise in cannabis companies’ stock prices.
On January 28, IVO Cannabis (VVCIF), iAnthus Capital Holdings (ITHUF), Trulieve Cannabis (TCNNF), and Green Organic Dutchman Holdings (TGODF) had strong performances. Their stock price rose 10.1%, 7.1%, 7.1%, and 7.0%, respectively.
On January 28, only Planet 13 Holdings (PLNHF) was trading in the red. Planet 13 Holdings’ stock price fell 1.0%.