U.S. Marijuana Stock Index Dropped Over 10% After Comments From Trump Press Secretary
The U.S. marijuana stock index fell over 10% after Trump’s Press Secretary Sean Spicer said he believes we’ll see “greater enforcement” of federal marijuana laws.
On Tuesday, February 21st, just two days before Spicer’s comments, the U.S. marijuana stock index was at 81.30, according to MarijuanaIndex.com. On Friday, the day after Spicer’s remarks, the index dropped to 72.80, a decrease of slightly over 10%.
As of Monday the market had a slight (and we stress slight) increase, moving up to 73.20.
Despite the recent dip, the index is still considerably higher than it was at its recent low point of 64.30, which was on December 19th, the day of Trump’s inauguration.
The high for the U.S. marijuana stock index over the last two years came on October 31st when it was at 110, over 50% higher than it is now.
According to MarijuanaIndex.com:
The U.S. Marijuana Index tracks the leading cannabis stocks operating in the United States. Constituents must have a business strategy focused on the marijuana or hemp industry, and are required to meet our minimum trading criteria. The Index is equal-weighted and rebalanced quarterly.