Cannabis stocks were on the rise Wednesday, basking in the glow of US midterm results that brought legalization, recreational and medicinal, to three more states.
Long-time marijuana opponent US Attorney General Jeff Sessions tendered his resignation letter, giving cannabis stocks a reason to celebrate.
Canopy Growth Corporation (TSE:WEED, NYSE:CGC) shares closed up more than 8% to US$46.10.
Shares of Aurora Cannabis Inc (NYSE:ACB) were up nearly 9% to US$8.05.
Auxly Cannabis Group Inc (OTCQX:CBWTF) shares were up about 8% to US$0.90 by the end of the trading day.
The company recently closed its acquisition of Inverell S.A., a federally-licensed cannabis operator based in Uruguay.
Newstrike Brands Ltd (OTCMKTS:NWKRF) shares climbed more than 9% to C$0.59.
Its subsidiary Up Cannabis Inc was named an official supplier to the Ontario Cannabis Store.
It was a good day for cannabis stocks, but not everyone was riding high.
Shares of CV Sciences Inc (OTCQX:CVSI) sank more than 9% to US$5.57 by the end of the day.
The life science company recently expanded its CBD product sales sequentially by 10% to US$13.6 million in the third quarter from US$12.3 million in sales in the second quarter, but shares fell on suspected profit-taking.
The North American Marijuana Index, which tracks the leading cannabis stocks in the US and Canada, was up about 4.5% by Wednesday’s close.
Contact Lenore Fedow at [email protected]