USA: Cannabis Stocks Rise On Ballot Results

11 November 2016

Remember we only need Chris Christie to get that AG spot to send prices spiralling downward

Benzinga Reports

Publicly Traded Pot Stocks Go High

Marijuana drug companies GW Pharmaceuticals PLC – ADR

GWPH 0.9%

and Zynerba Pharmaceuticals Inc

ZYNE 2.11%

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.

MRK 1%

and Pfizer Inc.

PFE 2.22%

, 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

KSHB 4.39%

, Cannabics Pharmaceuticals Inc

CNBX 14.44%

and Cannabis Sativa Inc

CBDS 11.01%

weighed heavily on the index, each selling off more than 10 percent on Wednesday as traders locked in massive 2016 gains.

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