August's Top-Performing ETF Is Marijuana-Related: Relaxed Federal Cannabis Laws Coming?
Portfolio Pulse from Maureen Meehan
The AdvisorShares Pure US Cannabis ETF (MSOS) surged by over 14% on news that the Department of Health and Human Services was directing the DEA to ease federal restrictions on cannabis. By the end of the day, MSOS was the top-performing ETF for August, gaining over 20% for the month. Other cannabis stocks also saw significant gains, including Trulieve Cannabis, Cresco Labs, MedMen Enterprises, Canopy Growth, C21 Investments, Curaleaf Holdings, and Tilray Brands.
September 01, 2023 | 2:19 pm
News sentiment analysis
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POSITIVE IMPACT
Canopy Growth shares closed up 25.76% at $0.57.
The news of eased federal cannabis restrictions directly impacts Canopy Growth as it is a cannabis-related company. The positive sentiment around this news has led to a surge in its price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
MSOS surged by over 14% on news of eased federal cannabis restrictions, making it the top-performing ETF for August.
The news of eased federal cannabis restrictions directly impacts MSOS as it is a cannabis-related ETF. The positive sentiment around this news has led to a surge in its price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Tilray Brands shares closed up 11.28% at $2.96.
The news of eased federal cannabis restrictions directly impacts Tilray Brands as it is a cannabis-related company. The positive sentiment around this news has led to a rise in its price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80