Cannabis stocks popped briefly on Thursday morning before taking a nosedive after President-elect Donald Trump’s pick for attorney general, former U.S. Rep. Matt Gaetz, announced his withdrawal from consideration for the job.
The AdvisorShares Pure US Cannabis ETF (MSOS) – one of the touchstones of marijuana stock trading – opened at $4.74 per share this morning and spiked to a high of $4.86, but when Gaetz announced mid-morning on X that he was pulling out of consideration for the attorney general slot, the stock plunged to $4.44. The ETF closed for the day at $4.63, down 3.9% for the day.
Other major names in cannabis stocks took similar hits, given that Gaetz was widely viewed as a pro-cannabis candidate for the nation’s top law enforcement job – and many of the alternative names, such as Texas AG Ken Paxton, aren’t.
- Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) finished the day down 2.7%, to $9.34 from…
