The Zacks Analyst Blog Highlights: Tilray, Canopy Growth, Cronos and ETFMG Alternative Harvest
For Immediate Release
Chicago, IL – November 8, 2018 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include Tilray TLRY, Canopy Growth CGC, Cronos CRON and ETFMG Alternative Harvest ETF MJ.
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Here are highlights from Wednesday’s Analyst Blog:
Why Marijuana Stocks, ETF Soared on Wednesday
Pot stocks and ETF are soaring today thanks to optimism generated by Jeff Sessions’ resignation and passing of marijuana legalization by three more states. Michigan voters approved a ballot measure that would allow recreational use of marijuana while Missouri and Utah passed initiatives to legalize medical use of marijuana. (Will Cannabis ETFs be on a High Again?)
Tilray jumped more than 30% today, while Canopy Growth and Cronos were up more than 8%. The ETFMG Alternative Harvest ETF— the first and only US listed pot ETF — surged 7% today.
Sessions was seen as one of the biggest opponents of marijuana in the Trump administration. While Obama-era policy allowed pot legalization by states by following a hands-off approach, Sessions’ opposition had created a lot of uncertainty for cannabis businesses.
Banks usually follow federal guidelines that treat any transactions involving marijuana as money laundering. Thus, banks in general were reluctant to service cannabis businesses. (Pot Stocks & ETF: Risks and Rewards)
The defeat of Pete Sessions, the Texas Republican who according to CNBC.com blocked marijuana legislation several times while he was chairman of the House Rules Committee, also boosted the sentiment for pot stocks. Further, a Democrat controlled House would be much more supportive for the cannabis industry.
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Continuous coverage is provided for a universe of 1,150 publicly traded stocks. Our analysts are organized by industry which gives them keen insights to developments that affect company profits and stock performance. Recommendations and target prices are six-month time horizons.
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Canopy Growth Corporation (CGC) : Free Stock Analysis Report
Cronos Group Inc. (CRON) : Free Stock Analysis Report
Tilray, Inc. (TLRY) : Free Stock Analysis Report
ETFMG-ALT HRVST (MJ): ETF Research Reports
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