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Cannabis stocks surged following the beginning of recreational cannabis sales in Ohio on Tuesday, with significant earnings boosts reported by key industry players.
The start of legal adult-use cannabis sales in Ohio has provoked an impressive uptick in cannabis stocks. Notably, the AdvisorShares Pure Cannabis ETF (NYSE:YOLO) rose by 8%, according to Market Watch. Furthermore, individual stocks such as Green Thumb Industries (OTC:GTBIF) and Trulieve Cannabis (OTC:TCNNF) swelled by 8.6% and 8.2% respectively following the state's issuance of dual-use certificates to 98 dispensaries.
The upward trajectory in the market is also explained by robust earnings. Green Thumb, for example, reported an 11% jump in revenue, outperforming projections. Similarly, Trulieve reported the third consecutive quarter of revenue growth.
Other multi-state operators (MSOs) set to benefit from Ohio's green rush are Verano Holdings (OTC:VRNOF) and Curaleaf Holdings (OTC:CURLF).
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Cresco Labs (OTC:CRLBF) and Ascend Wellness Holdings (OTC:AAWH) are also capitalizing on Ohio's new regulatory environment.
Cresco Labs has launched adult-use distribution, utilizing its extensive network of Sunnyside Dispensaries to cater to both medical and recreational customers. Charlie Bachtell, CEO of Cresco Labs, stated in a press release, "The acceptance of cannabis continues to grow with Ohio becoming the 24th state to launch an adult-use cannabis program. This is a tipping point with almost half of all states allowing adult-use cannabis and more adopting common-sense regulations every day." The company anticipates significant growth, with Ohio’s market potential projected to reach $2 billion, a substantial increase from 2023’s figures.
Similarly, Ascend Wellness is expanding its reach to non-medical customers, capitalizing on Ohio's updated cannabis policies. “We are well-positioned to serve both segments of the market, maintaining our commitment to our current medical patients while embracing new non-medical customers,” said John Hartmann, CEO of Ascend.
As the state adapts to this new era, the integration of adult-use sales is expected to propel the market, suggesting that in Ohio, green is the new gold.
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