The Week In Cannabis: Stocks Skyrocket As Markets Rise, Jay-Z’s New Mega Venture And More

In a four-day week where markets were on the rise, cannabis stocks proved to be big winners. Late Friday, stocks surged on news that a federal marijuana legalization bill will get a congressional vote next week.

During the holiday week:

  • The ETFMG Alternative Harvest ETF (NYSE:MJ): gained 12%
  • The AdvisorShares Pure Cannabis ETF (NYSE:YOLO): was up 15%
  • The Cannabis ETF (NYSE:THCX): advanced 14.5%
  • The Amplify Seymour Cannabis ETF (NYSE:CNBS): rose 14%
  • The SPDR S&P 500 ETF Trust (NYSE:SPY) was up 1.5%.

In other news, music industry mogul Jay-Z announced he is set to join a newly formed cannabis company that’s expected to become the largest in California.

The venture was formed via a partnership between Caliva, Left Coast Ventures, Subversive Capital Acquisition Corp. (OTCQX:SBVCF) and Roc Nation, the entertainment company Jay-Z launched in 2008.

Jay-Z will take on the title of “Chief Visionary Officer.” The transaction is slated to close in January 2021 with Steve Allan as CEO.

In his role, Sean Carter (Jay-Z) is expected to help oversee a corporate venture fund focused on social equity measures. The fund will aim at an initial funding target of $10 million and commit to contributing at least 2% of its net income to invest in minority-owned cannabis businesses and donate to organizations seeking to rectify the wrongs of…

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