Canadian traders, whose exchanges were closed today for Canada Day, lost control of cannabis stocks for the day, and that turned out very nicely for most cannabis stocks. The prices of many US operators, especially that of MSO dispensaries, moved up. MedMen, with a 4.5% increase, led the way. Only Curaleaf and Liberty Health Sciences fell. The US Operators Index of Alan Brochstein closed up 1.8%Things didn’t go so well over the border. Though large cap Canadian operator Tilray closed up over 6%, and Organigram was up 2%, the rest were mixed. Aurora and Canopy fell just a bit.
It is very likely that the resumption of trade talks between the US and China, and the US announcement that further tariffs on Chinese goods contributed to the bounce today in cannabis stocks, as it did with broader markets.
We’ll see if the current overall uptrend continues when Canadian traders, who still dominate cannabis stocks, jump back into the fray. After 1 PM Wednesday, the ball will be in their court, as US exchanges close at 1 PM and remain closed all day on Thursday for the July 4th holiday.
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