"As we assess allocation in CNBS, the price action is being dictated as much by technical factors as it is fundamentals," Seymour wrote in a Friday email to CNBC.
"Importantly, the addressable market continues to grow state by state," he said. "Each state that has a medical program seems to be advancing and moving towards [recreational use]. Those that don't have a medical program are beginning to go through that ballot process."
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