Canada marijuana stocks had a significant increase following a report that cannabis will be legal by July of next year.
The Canada Marijuana Index was at 270.68 on March 25th, the day before the report that the country’s legal marijuana industry is expected to get underway next year. At the closing of today’s market, a day after the announcement, the index grew 9.14% to 295.41.
Although 295.41 is as high as the index has been in three weeks, it’s still well below the 3-month high of 344.57, which came on February 21st. The 3-month low came last week on March 21st, when the index dropped to 261.74.
It’ll be interesting to see how the market continues to reacts to cannabis’ forthcoming legality. We’ll keep you updated as the market fluctuates.
In the United States, marijuana stocks have dropped 35% following the election of Donald Trump as president.