Cannabis stocks were mostly lower Thursday, a day after the top law enforcement official in the U.S. offered muted support for a bill that would protect companies in states that have legalized weed.
“Personally, I would still favor one uniform federal rule against marijuana but, if there is not sufficient consensus to obtain that, then I think the way to go is to permit a more federal approach so states can make their own decisions within the framework of the federal law and so we’re not just ignoring the enforcement of federal law,” he said.
L.A.-based Vertical Companies closed a $58 million Series A funding round that will help it expand its footprint and brands. Vertical President Smoke Wallin told MarketWatch the money came from family offices and high net worth individuals, as institutional investors remain leery of the sector, because of the federal ban.
Hickey raised this price target to $17 from $16, equal to 21% above its current trading level. The stock was down 5% in line with the broader sector. Tilray Inc. TLRY, -4.03% was down 2.4%, OrganiGram Holdings Inc. OGRMF, -2.32% was down 1.6%, MedMen Enterprises Inc. was down 2.7% and Cresco Labs CRLBF, -3.89% was down 1.7%. Hexo Corp. was down 1.4% and Green Organic Dutchman Holdings Ltd. was down 3.3%.Also: Cannabis stocks climb after Tilray’s earnings, as New Jersey moves closer to legal weed
Cannabis stocks have been hurting a lot recently. Still bearish
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