Cannabis stocks rose Wednesday to recover some of their prior-day losses, boosted by expectations for a steep rise in spending on cannabis over the Thanksgiving holiday period, one of the busier shopping periods of the year.
The ETFMG Alternative Harvest ETF MJ, +1.71% was up about 1%, with 25 of its 35 constituent stocks trading higher. The Horizons Marijuana Life Sciences ETF HMMJ, +1.77% was up 1.6%, with 36 of its component stocks higher. The S&P 500 SPX, +0.42% was up 0.1% and the Dow Jones Industrial Average DJIA, +0.15% was down 0.1%.
Rob DiPisa, co-chair of the Cannabis Law Group at law firm Cole Schotz, said some of those claims were “really crazy.” They included social media posts that touted the use of CBD in treating autism, cancer, Alzheimer’s disease, ADHD, and even one that implied CBD would help “brain-damaged babies.” “That says to me that they’re not ruling it out,” he said. The FDA also said it continues to believe that clinical trials, the traditional route for new medicines, is the best way to ensure safety, although that would likely delay regulations for several years.
Aurora Cannabis shares ACB, +5.44% ACB, +4.67% rose 2.9%, after the company said it’s opening a flagship store in West Edmonton Mall, which it said is the biggest in North America at 11,000 square feet.In earnings news, Cresco Labs shares CRLBF, -2.94% CL, -2.74% slid 2.9%, after the company reported revenue that fell short of expectations. The weed producer reported a third-quarter net loss of $8.6 million, versus net income of $1.2 million in the year-ago quarter.
Cannabis compliance software company Akerna Corp. shares KERN, -3.74% were up 1.3%. The Denver-based company named board member Ashesh Shah as chief technology officer earlier Wednesday. Shah will remain chief executive of Solo Sciences, which makes anti-counterfeiting and consumer engagement technologies. Akerna acquired a controlling stake in Solo Sciences on Tuesday.
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