Cannabis Stocks Surge Then Plummet On News That Biden Is Bowing Out Of 2024 Presidential Race

President Joe Biden's announcement that he will not seek re-election has impacted the cannabis stock market. The sector's reaction varied, reflecting investor sentiment and market speculation about future regulatory changes under a potential new administration. This analysis, derived from Benzinga Pro data, highlights the key movements among popular cannabis stocks 24 hours after the announcement.

Biggest Losers

Several cannabis stocks faced a downturn following the announcement. Curaleaf Holdings CURLF decreased by 1.3986% to $4.23. Jushi Holdings JUSHF dropped by 5.0847%, reaching $0.56. Green Thumb Industries GTBIF fell by 2.3444% to $11.455. Trulieve Cannabis TCNNF decreased by 1.1508% to $10.6. Cresco Labs CRLBF dropped by 1.7341%, reaching $1.7.

Biggest Winners

Conversely, ohter cannabis stocks saw gains following the announcement. Aurora Cannabis ACB increased by 4.6957%, reaching $6.02. Village Farms International VFF increased by 0.9259%, reaching $1.09. Tilray Brands TLRY rose by 4.3575%, reaching $1.868.SNDL SNDL saw an increase of 7.1836%, reaching $2.2187.

Medicine Man Technologies SHWZ experienced a gain of 100.0%, reaching $0.3. OrganiGram Holdings OGI rose by 5.1515%, reaching $1.735.

Innovative Industrial Properties IIPR gained 1.5641%, reaching $120.13. Cronos Group CRON increased by 2.7311%, reaching $2.445. Canopy Growth CGC increased by 9.9593%, reaching $7.8401. 

Read Also: Will Biden's Shaky Debate Performance Affect Cannabis Reform? How A Trump Return Could Reshape Marijuana Policy

Performance Of Cannabis ETFs

Cannabis ETFs mirrored the overall market's mixed sentiment. AdvisorShares Pure Cannabis ETF YOLO rose by 2.0528%, reaching $3.48. AdvisorShares Pure US Cannabis ETF MSOS experienced a gain of 3.9811%, reaching $7.705.

These ETFs remain a barometer for broader market trends within the cannabis sector, indicating cautious optimism among ETF investors.

The trading volumes for these ETFs also showed increased activity, with YOLO trading 15,157 shares and MSOS trading 4,576,010 shares in the last 24 hours. 

*Based on data from Benzinga Pro. 
Read Next: 

• Trump Accepts GOP Nomination As Party Begins To Embrace Cannabis Legalization, Says Republican Consultant
• And: What Is The Trump Factor? Justice Dept's Impact On Cannabis Rescheduling, Stocks And Investments​​​​​​​

These issues will be among the hot topics at the upcoming Benzinga Cannabis Capital Conference in Chicago this Oct. 8-9. Join us to get more insight into what the wave of weed legalization means for the future of investing in the industry. Hear directly from top executives, investors, advocates, and policymakers. Get your tickets now before prices go up by following this link.

Photo: AI-Generated Image.