This was a great week for cannabis stocks, with all major U.S.-traded ETFs posting double-digit gains.
Over the five trading days of the week:
- The ETFMG Alternative Harvest ETF (NYSE:MJ): gained almost 12%
- The AdvisorShares Pure Cannabis ETF (NYSE:YOLO): was up 13.3%
- The Cannabis ETF (NYSE:THCX): rose 18%
- The Amplify Seymour Cannabis ETF (NYSE:CNBS): closed the week up more than 15%
- The SPDR S&P 500 ETF Trust (NYSE:SPY) was up 3.8%
The vice presidential debate and the passing of legislation to regulate adult-use cannabis in Vermont were key drivers of this week’s activity. Democratic presidential nominee Joe Biden, who leads President Donald Trump handily in many polls, has consistently said he is in favor of more cannabis research before he endorses federal legalization. And Senator Kamala Harris has been more progressive on the cannabis issue and even sponsored the Marijuana Opportunity Reinvestment and Expungement Act (MORE), which would…