Why Curaleaf, Green Thumb, and Cresco Shares Popped Today, Then Dropped
For marijuana investors, Thursday was kind of a great day. Just before close of trading, President Joe Biden announced plans to pardon thousands of people who had been convicted of marijuana possession in federal courts, and to instruct federal regulators to review whether marijuana should remain a Schedule 1 narcotic.
It's the latter of those two plans that excited marijuana investors, sending shares of popular pot stocks such as Aurora Cannabis, Canopy Growth, and Tilray up anywhere from 7% to 31% through the close on Thursday. And while each of those companies is starting to give back gains today, second-tier cannabis stocks like Curaleaf Holdings (OTC: CURLF), Green Thumb Industries (OTC: GTBIF), and Cresco Labs (OTC: CRLBF) maintained their momentum and continued to climb higher this morning -- at least initially.
In early trading today, Curaleaf gained as much as 5%, Green Thumb 7%, and Cresco an astounding 15% before all turning around and giving back their gains. As of 11:40 a.m. EDT, the rout appears complete, with Curaleaf down 6.3%, Green Thumb losing 6%, and Cresco down by 0.2%.
Source Fool.com
