The cannabis market is experiencing a rough patch after election day, with many top U.S. and Canadian cannabis stocks under pressure following Donald Trump‘s victory, the prospect of a GOP-controlled Senate and Florida’s rejection of Amendment 3 that would have legalized cannabis.
As of Wednesday mid-morning, key cannabis players experienced notable drops in share prices, reflecting investor caution and panic sales as the sector faces a wave of political uncertainty.
For instance, shares of cannabis leader Tilray Brands Inc TLRY are trading at $1.53, down $0.25, or -13.7%. Tilray’s chart shows a sharp decline with increased trading volume nearing 10 million shares.
Chart created using Benzinga Pro
Here's how other top U.S. and Canadian cannabis stocks are trading as of Wednesday mid-morning:
- Curaleaf Holdings Inc CURLF shares are trading at $2.38, down $0.74.
- Green Thumb Industries Inc GTBIF shares are trading at $8.78, down $1.90.
- Trulieve Cannabis Corp TCNNF shares are trading at $7.27, down $5.43.
- Canopy Growth Corp CGC shares are trading at $4.35, down $1.25.
A look at how some of the most traded cannabis ETFs are trading:
- AdvisorShares Pure US Cannabis ETF YOLO shares are trading at $5.01, down $1.87.
- ETFMG Alternative Harvest ETF MJ shares are trading at $2.74, down $0.59.
- AdvisorShares Pure Cannabis ETF MSOS shares are trading at $2.80, down $0.52.
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Market Takes A Toll On Trulieve Bet
Trulieve Cannabis Corp TCNNF stands out in this market slump, experiencing a -43% at the moment of writing.
Trulieve, which invested heavily in Florida's Amendment 3 campaign – over $110 million – saw its shares tumble from nearly $12 to $7.27, losing $5.43.
This drastic drop comes on the heels of both the company’s Q3 earnings report and the failed Florida legalization measure.
Trulieve reported $284 million in revenue, a modest 3% year-over-year increase, but the substantial campaign investment weighed heavily on its financials.
Chart created using Benzinga Pro
The chart for Trulieve shows a sharp drop from over $12 to the $7 range, with significant volume spikes, indicating heavy selling pressure.
Had the amendment passed, a clear win for Trulieve, the situation would probably be quite different.
Cover: AI-generated image
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