11 November 2016
Remember we only need Chris Christie to get that AG spot to send prices spiralling downward
Publicly Traded Pot Stocks Go High
Marijuana drug companies GW Pharmaceuticals PLC – ADR
and Zynerba Pharmaceuticals Inc
gained 6.0 percent and 3.0 percent, respectively, on Wednesday. Both stocks appeared poised to open Thursday’s session slightly higher as well. These pharma stocks traded mostly in line with non-marijuana pharma stocks like Merck & Co., Inc.
and Pfizer Inc.
, which gained 6.5 percent and 7.1 percent, respectively, on Trump’s election.
While the election results were good news for marijuana drug stocks, other marijuana traders took the opportunity to cash in on huge 2016 gains. The MJIC U.S. Reporting Marijuana Index closed Wednesday’s session mostly flat but near 52-week highs.
When asked about the situation, 420 Investor Alan Brochstein told Benzinga, “Biotech rally, though there has been some speculation that the new President, with control of Congress, could be negative for state-legal cannabis.”
Over-The-Counter Cannabis Stocks Sell Off
Red hot marijuana stocks such as Kush Bottles Inc
, Cannabics Pharmaceuticals Inc
and Cannabis Sativa Inc
weighed heavily on the index, each selling off more than 10 percent on Wednesday as traders locked in massive 2016 gains.