Cannabis Stocks React To Biden Announcement: Monday's Closing Market Moves

Author: Nicolás Jose Rodriguez | July 22, 2024 06:12pm

The cannabis sector witnessed significant movement today, with varied performances across key stocks and ETFs following President Joe Biden’s Sunday announcement that he will not seek re-election. The news created ripples in the market, reflecting investor sentiment and speculation about future regulatory changes.

Biggest Winners

• Aurora Cannabis (NASDAQ:ACB): Increased by 9.04% to $6.02. Positive sentiment is driven by strategic partnerships.
• Village Farms International (NASDAQ:VFF): Rose by 7.41% to $1.09. The stock benefited from operational efficiency news.
• Tilray Brands (NASDAQ:TLRY): Saw a rise of 6.70% to $1.87. Investor optimism on future growth prospects in Germany.
• SNDL (NASDAQ:SNDL): Experienced an increase of 9.66% to $2.22. Strong earnings and cash flow, reports boosted the stock.
• Medicine Man Technologies (OTC:SHWZ): Saw a remarkable gain of 100.00% to $0.30.
• OrganiGram Holdings (NASDAQ:OGI): Rose by 6.67% to $1.74.
• Innovative Industrial Properties (NASDAQ:IIPR): Gained 1.56% to $120.13. Stable financial performance attracted investors.
• Cronos Group (NASDAQ:CRON): Increased by 3.78% to $2.45.
• Canopy Growth (NASDAQ:CGC): Increased by 16.7% to $7.84.

Multi-State Cannabis Operators In The USA

• Curaleaf Holdings (OTC:CURLF): Increased by 3.13% to $4.28.
• Jushi Holdings (OTC:JUSHF): Up by 7.27% to $0.59.
• Green Thumb Industries (OTC:GTBIF): Was up by 4.04% to $11.60.
• Trulieve Cannabis (OTC:TCNNF): Was also up, at the last minute, by 3.78% to $10.75.
• Cresco Labs (OTC:CRLBF): Rose by 6.42% to $1.74.

Performance Of Cannabis ETFs

• AdvisorShares Pure Cannabis ETF (NYSE:YOLO): Rose by 4.84% to $3.58.
• AdvisorShares Pure US Cannabis ETF (NYSE:MSOS): Experienced a gain of 5.67% to $7.83. Increased activity and positive sentiment drove the ETF higher.

Read Next: What Is The Trump Factor? Justice Dept's Impact On Cannabis Rescheduling, Stocks And Investments

These issues will be among the hot topics at the upcoming Benzinga Cannabis Capital Conference in Chicago this Oct. 8-9. Join us to get more insight into what the wave of weed legalization means for the future of investing in the industry. Hear directly from top executives, investors, advocates, and policymakers. Get your tickets now before prices go up by following this link.

Photo: AI-Generated Image. 

Disclosure: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Posted In: ACB CGC CRLBF CRON CURLF GTBIF IIPR JUSHF MSOS OGI SHWZ SNDL TCNNF TLRY VFF YOLO