Cannabis Stock Prices Increase in Hours After Jeff Sessions’ Resignation
Stock prices for cannabis companies jumped in the hours after Attorney General Jeff Sessions announced his resignation on Wednesday. The spike follows another uptick in share prices leading up to Tuesday’s midterm elections.
Canadian medical marijuana firm Tilray was the day’s biggest winner, with shares closing up 30 percent on the Nasdaq stock exchange. Canopy Growth was up 8.1 percent in New York Stock Exchange trading, while Aurora Cannabis was up 9 percent. Shares in Cronos Group were up more than 8 percent at the close of Nasdaq trading. The rally extended into after-hours trading as stocks in all four companies continued to rise.
Cannabis exchange-traded fund Alternative Harvest Marijuana ETF, also listed on the Nasdaq, saw a spike of 5.6 percent in the hour after the announcement of Sessions’ resignation. Shares were up to $36.97, a gain of nearly $2.
Sessions, long an opponent of legalizing marijuana, announced on Wednesday that he was resigning from the top position at the U.S. Department of Justice at the request of President Trump. Art Hogan, chief market strategist at investment bank B. Riley FBR, said that news of the attorney general’s departure was received positively by cannabis investors.
“You’re happy if you’re long