Trump, Harris And Cannabis Stocks: Are Election Results Already Priced In?
The U.S. heads into another historical election, the outcome of which will have an effect on cannabis stocks.
With both major candidates, Donald Trump and Kamala Harris, supporting cannabis reform, investors are closely watching the sector. These past few days, volatility has taken the stage as many have decided to take profits from the recent rally.
However, Trump’s recent rise in the polls might be adding complexity, as the market legitimately questions whether his pro-cannabis stance is genuine or merely a strategic move to gain votes.
Let’s look at how major cannabis stocks are responding to this uncertain political landscape.
Trulieve Cannabis (TCNNF)
Trulieve (OTC:TCNNF)’s stock saw a period of gains, followed by a sharp drop in recent sessions, likely driven by profit-taking and election-related uncertainty. The volume spike in this downturn indicates strong selling interest. The bearish MACD signal underscores a cautious sentiment taking over.
Chart created using Benzinga Pro
AdvisorShares Pure Cannabis ETF (YOLO)
The AdvisorShares Pure Cannabis ETF (NYSE:YOLO), which represents a basket of cannabis companies, mirrors Trulieve’s recent pattern, with a strong rise followed by a sharp decline. Increased volume on down days suggests that investors are tempering their optimism as the market appears hesitant to price in cannabis reform. The recent MACD crossover to …