Cannabis Stocks Surge With Ohio's Recreational Sales Kickoff And Strong Earnings Reports
Portfolio Pulse from Patricio Liddle
Cannabis stocks surged following the start of recreational cannabis sales in Ohio and strong earnings reports from key industry players. The AdvisorShares Pure Cannabis ETF (NYSE:YOLO) rose by 8%, while Green Thumb Industries (OTC:GTBIF) and Trulieve Cannabis (OTC:TCNNF) saw significant gains. Other multi-state operators like Verano Holdings (OTC:VRNOF), Curaleaf Holdings (OTC:CURLF), Cresco Labs (OTC:CRLBF), and Ascend Wellness Holdings (OTC:AAWH) are also set to benefit from Ohio's new regulatory environment.
August 06, 2024 | 10:49 pm
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POSITIVE IMPACT
Ascend Wellness Holdings (OTC:AAWH) is expanding its reach to non-medical customers in Ohio.
Ascend Wellness' expansion into Ohio's recreational market is expected to drive growth.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Cresco Labs (OTC:CRLBF) is capitalizing on Ohio's new regulatory environment with adult-use distribution.
Cresco Labs' expansion into Ohio's recreational market is expected to drive growth.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Curaleaf Holdings (OTC:CURLF) is set to benefit from Ohio's recreational cannabis market.
Curaleaf Holdings is expected to see positive impacts from the new market in Ohio.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Green Thumb Industries (OTC:GTBIF) saw an 8.6% increase in stock price and reported an 11% jump in revenue.
Green Thumb's strong earnings and the start of recreational sales in Ohio are key drivers for the stock's positive performance.
CONFIDENCE 95
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Trulieve Cannabis (OTC:TCNNF) saw an 8.2% increase in stock price and reported the third consecutive quarter of revenue growth.
Trulieve's consistent revenue growth and the new market in Ohio are significant factors for the stock's rise.
CONFIDENCE 95
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Verano Holdings (OTC:VRNOF) is set to benefit from Ohio's recreational cannabis market.
Verano Holdings is expected to see positive impacts from the new market in Ohio.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
The AdvisorShares Pure Cannabis ETF (NYSE:YOLO) rose by 8% following the start of recreational cannabis sales in Ohio.
The ETF's performance is directly tied to the cannabis market, which is positively impacted by Ohio's new regulations.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80