Cannabis Stocks Surge With Ohio’s Recreational Sales Kickoff And Strong Earnings Reports
Cannabis stocks surged following the beginning of recreational cannabis sales in Ohio on Tuesday, with significant earnings boosts reported by key industry players.
The start of legal adult-use cannabis sales in Ohio has provoked an impressive uptick in cannabis stocks. Notably, the AdvisorShares Pure Cannabis ETF (NYSE:YOLO) rose by 8%, according to Market Watch. Furthermore, individual stocks such as Green Thumb Industries (OTC:GTBIF) and Trulieve Cannabis (OTC:TCNNF) swelled by 8.6% and 8.2% respectively following the state’s issuance of dual-use certificates to 98 dispensaries.
The upward trajectory in the market is also explained by robust earnings. Green Thumb, for example, reported an 11% jump in revenue, outperforming projections. Similarly, Trulieve reported the third consecutive …