Despite some good news out of specific companies, this was not a great week for cannabis stocks overall.
Over the five trading days of the week:
- ETFMG Alternative Harvest ETF (NYSE: MJ): had lost 4.5%.
- AdvisorShares Pure Cannabis ETF (NYSE: YOLO): was mostly flat.
- Cannabis ETF (NYSE: THCX): had dropped 2.9%.
- Amplify Seymour Cannabis ETF (NYSE: CNBS): had declined 2.7%.
- SPDR S&P 500 ETF Trust (NYSE: SPY) was down 0.2%.
The big news this week came out of U.S. Congress. A measure included in a package of amendments to the National Defense Authorization Act (NDAA) stipulated that the Secretary of Defense may not prohibit “the possession, use, or consumption” of hemp or hemp-derived product (including CBD) to a “member of the Armed Forces” as long as the crop meets federal standards.
Meanwhile, the U.S. Food and Drug Administration issued a nine-page document to lead and encourage cannabis research. The document expands on the FDA’s position regarding clinical research linked to the development of new drugs containing cannabis or cannabis derivatives. This includes extracts, botanical raw materials, and highly purified substances. It does not address the development of synthetic substitutes know as cannabis-related compounds.
In the corporate world, the…
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