Cannabis ETFs are all benefiting from news that pot is now legal in New York State but while some are merely lighting a celebratory spliff, retail investors are helping one ETF break out the bong.
Pot stocks across the board were up Wednesday after New York Governor Andrew Cuomo signed legislation immediately legalizing cannabis for recreational use in the Empire State, but AdvisorShares Pure US Cannabis ETF
MSOS,
stood out from the pack surging nearly 8%, well outpacing similar products like the ETFMG Alternative Harvest ETF
MJ,
and AdvisorShares Pure Cannabis ETF
YOLO,
A key force in Wednesday’s action was retail interest in MSOS, reflected in the monster trading volume on the ETF , which was well over its daily average and significantly higher than the sector.
And there were more immediate indicators.
“You can’t trade the Canadian weed stonks,” one user posted on a Reddit r/wallstreetbets. “MSOS is the only play today.”
“[MSOS] looks they’re directly invested in US plant-touching businesses,” explained Matt Karnes, founder of cannabis-centric firm Greenwaves Advisors. “They really have a synthetic return but that still likely still attracts the retail crowd.”
State legalizations are almost always a boon to the cannabis market, but the lack of federal legalization in the US has been a complicating factor for investors looking…
Original Author Link click here to read complete story..
Cannabis ETFs are all benefiting from news that pot is now legal in New York State but while some are merely lighting a celebratory spliff, retail investors are helping one ETF break out the bong.
Pot stocks across the board were up Wednesday after New York Governor Andrew Cuomo signed legislation immediately legalizing cannabis for recreational use in the Empire State, but AdvisorShares Pure US Cannabis ETF
MSOS,
stood out from the pack surging nearly 8%, well outpacing similar products like the ETFMG Alternative Harvest ETF
MJ,
and AdvisorShares Pure Cannabis ETF
YOLO,
A key force in Wednesday’s action was retail interest in MSOS, reflected in the monster trading volume on the ETF , which was well over its daily average and significantly higher than the sector.
And there were more immediate indicators.
“You can’t trade the Canadian weed stonks,” one user posted on a Reddit r/wallstreetbets. “MSOS is the only play today.”
“[MSOS] looks they’re directly invested in US plant-touching businesses,” explained Matt Karnes, founder of cannabis-centric firm Greenwaves Advisors. “They really have a synthetic return but that still likely still attracts the retail crowd.”
State legalizations are almost always a boon to the cannabis market, but the lack of federal legalization in the US has been a complicating factor for investors looking…
