Cannabis stocks have finished 2023 in a worse position than they started the year despite promising developments around key issues for North American multi-state operators (MSOs) and a broader market rally toward the year-end.
The Advisorshares Pure US Cannabis ETF (MSOS), an actively managed fund dedicated to U.S.-listed cannabis companies, is down 2.4% this year, trading hands at US$6.93 shortly after the market opened on Wednesday, December 27.
Shares of the Advisorshares Pure Cannabis ETF (YOLO), which has exposure to global cannabis stocks, have fallen 14% over the same period.
Here’s a recap of the major news events and industry trends that influenced cannabis stocks in 2023.
Rescheduling optimism
Cannabis stocks rallied briefly in September, spurred by optimism that marijuana may be rescheduled as a lower-risk drug in the United States.
Following President Joe Biden’s call for a review of marijuana’s…
