Cannabis Stocks Held Steady During Monday’s Bloodbath
Unless you’ve been living under a rock, you know that the Dow Jones industrial average took its biggest point dive in history on Monday, plunging 1,175 points or 4.6%.
But through it all, cannabis stocks held fairly steady.
“Cannabis stocks experienced some early weakness, following through from last week’s steep declines, but they reversed early, led by buying in Canada,” explains Leafly’s cannabis finance columnist Alan Brochstein.
Leafly adds that cannabis stocks have had “a mind of their own” lately. Investors predictably rallied after the passage of Prop 64 in November and after the legalization of sales in California on January 1. Last month was marked by subsequent ups and downs and now they seem to be on a steady decline.
At opening Monday, the Global Cannabis Stock Index — made up of 75 leading publicly-traded cannabis companies — lost 8%. But it started rebounding, eventually closing at a loss of 1.5%.
Read more how cannabis stocks performed during Monday's bloodbath here.