What happened
Shares of Canadian marijuana companies Aurora Cannabis (NYSE:ACB) and Aphria (NASDAQ:APHA), along with U.S.-based cannabidiol (CBD) products supplier Charlotte’s Web Holdings (OTC:CWBHF), have been on a tear since the U.S. election on Nov. 3.
That run appeared to be continuing today, with Aphria and Charlotte’s Web up 10% earlier, while Aurora moved up about 5%. Those jumps have since waned somewhat. As of 11:20 a.m. EST, Aphria shares are still up about 7%. But shares of Charlotte’s Web are up 3.5%, while Aurora has given up virtually all of today’s gains so far.
So what
The cannabis sector in general got a boost from the U.S. election earlier this month. The stocks of these three companies are up between 50% and 80% since then.
But to put it more in perspective, of the three, only Aphria shares are positive since the start of 2020. The election moved more buyers into the sector due to some wins at the polls. Five states — New Jersey, Arizona, Mississippi, Montana, and South Dakota — had ballot initiatives related to legalizing marijuana, and all five passed.
Image source: Getty Images.
Today’s continuation of the election push may be related to…
