Pot ETFs tumble, erasing earlier rally as US legalization hopes dim
© Reuters. FILE PHOTO: A man smokes cannabis during the informal annual cannabis holiday in Denver, Colorado, U.S., April 20, 2023. REUTERS/Kevin Mohatt/File Photo
The AdvisorShares Pure U.S. Cannabis ETF, which has net assets of $467.2 million, fell 29.5% in October after a 17.6% gain in September. The smaller $2.5-million Roundhill Cannabis ETF shed nearly 31% in October following a 21% surge a month earlier.The funds had soared in September after a U.S. health agency's proposal to reclassify cannabis as a lower-risk substance boosted expectations of legalization at the federal level.
"When there's a lack of significant positive news, there's very few buyers and buying volume," said Dan Ahrens, managing director of AdvisorShares."Expectations of U.S. federal reforms have already taken much longer than most investors expected and losses have been severe while waiting."
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Global assets in spot bitcoin ETFs hit $4.16 billionGlobal assets in spot bitcoin ETFs hit $4.16 billion - CoinGecko
Les mer »
These dividend stocks and ETFs have healthy yields that can lift your portfolioDividend-paying stocks often outperform the market following periods in which they lag
Les mer »
Bitcoin's Secret Catalyst: Not ETFs But Unexpected Macro Forces: QCP ResearchMost recent massive Bitcoin rally has numerous reasons behind it, and ETF is not only factor pushing digital gold upward
Les mer »
Bond ETFs trade higher after Fed statement, Powell’s remarksTreasury yields were falling on Wednesday afternoon
Les mer »
Pot Commercialization Has Increased HospitalizationsA unique study shows that the legalization of dried cannabis flowers (marijuana) does not increase hospitalization, but full commercialization does, especially for psychosis.
Les mer »
'The tide is turning': Calif. pot farmers are feeling optimisticNorthern California’s pot farms are newly optimistic after years of struggling to survive cannabis legalization.
Les mer »