From Javier Hasse: There were numerous political announcements shaping the industry last week, with a Michigan state board ruling that more than 60 medical cannabis dispensaries that had to close at the end of last year due to new regulations will be allowed to re-open until March 31, providing them time to become compliant; and Florida Governor Ron DeSantis pledging to end the ban on medical marijuana flowers in the state.
“We saw a lot of movement at the state level this week. Ohio began its first medical marijuana sales with five dispensaries… For such a conservative state, this is a big deal,” Debra Borchard, CEO of Green Market Report, told Benzinga. “Then New York, which has one of the most restrictive medical marijuana programs, heard the governor say he wanted to legalize adult use cannabis within 100 days. That doesn’t mean dispensaries will be selling product anytime soon, but this is a big switch from someone who once said that marijuana was a gateway drug.”
On the markets front, talk was dominated by Benzinga’s 2019 Cannabis Capital Conference, getting investors and companies from around the world together for one of the most interesting industry gatherings of the year.
Marijuana Indexes & ETFs
Over the last five trading days, the United States Marijuana Index, which tracks most of the largest marijuana stocks in the U.S., inched down by 1.85 percent, while the North American Marijuana Index, which also includes Canadian stocks, declined by around 2.63 percent.
Over the same period, the Horizons Marijuana Life Sciences Index ETF HMLSF 0.65%(TSE:HMMJ) lost 0.81 percent, while the ETFMG Alternative Harvest ETF MJ 1.46%appreciated by 0.78 percent. The SPDR S&P 500 ETF Trust SPY 1.3% closed the period up by 2.89 percent.
The ETFMG Alternative Harvest ETF (MJ) closed at $31.02 on Friday, up $0.42 (+1.37%). Year-to-date, MJ has declined -4.63%, versus a 0.25% rise in the benchmark S&P 500 index during the same period.
This article is brought to you courtesy of Benzinga.
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