By Dean Seal
Cannabis stocks fell after initiatives to legalize recreational marijuana in Florida, North Dakota and South Dakota failed to receive enough votes.
AdvisorShares Pure US Cannabis, a popular exchange-traded fund tracking marijuana stocks, was down 18% at $5.60 in premarket trading. The two biggest U.S. cannabis companies by market capitalization, Green Thumb Industries and Curaleaf Holdings, were down 6.5% and 12% respectively.
Shares of Trulieve Cannabis fell 24% to $8.82 ahead of market open. The Florida-headquartered cannabis heavyweight stood to gain significantly if legalization had passed in the Sunshine State.
Trulieve poured money into campaigning for the ballot measure, which did receive majority support but failed to hit the 60% supermajority threshold it needed to pass.
Voters in North Dakota and South Dakota also defeated ballot initiatives for recreational cannabis legalization in those states.
Shares of other publicly-listed cannabis companies, including Cresco Labs, SNDL and Canopy Growth, were down 12% or more premarket.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
November 06, 2024 08:26 ET (13:26 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
免责声明：投资有风险，本文并非投资建议，以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请，作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考，不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证，投资者应自行研究并在投资前寻求专业建议。