This Cannabis ETF Is Up 66% In 5 Days, Options Traders Bet It's Going Even Higher
Portfolio Pulse from Lisa Levin
AdvisorShares Pure US Cannabis ETF (NYSE:MSOS) has seen a sharp rise, with a 66% increase in the past week and an 18.7% surge on Tuesday to close at $8.08. This rise is attributed to news that the Department of Health and Human Services proposed reclassifying marijuana to a lower-risk drug category. Options traders are betting on the ETF to rise even higher, with a buyer purchasing 2,685 of the December 8-calls at an average price of $1.52 per contract, predicting the ETF to trade above $9.52 by December.
September 06, 2023 | 1:13 pm
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AdvisorShares Pure US Cannabis ETF (MSOS) has seen a significant rise due to the proposed reclassification of marijuana to a lower-risk drug category. Options traders are predicting further rise, with a target price above $9.52 by December.
The ETF has seen a significant rise due to the proposed reclassification of marijuana, which is a positive regulatory change for the cannabis industry. This has increased investor confidence and demand for the ETF. Additionally, the high options trading volume and the purchase of December 8-calls indicate a bullish sentiment among traders, predicting the ETF to trade above $9.52 by December.
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