Black Friday Sale! Save huge on InvestingProGet up to 60% off

Cannabis Shares Climb as New York's Gov. Set to Sign Recreational Use Law

Published 01/04/2021, 01:31 am
Updated 01/04/2021, 01:33 am
©  Reuters
VFF
-
IIPR
-
YOLO
-
POTX
-

By Dhirendra Tripathi

Investing.com – Shares of cannabis companies rose Wednesday a day after New York lawmakers passed a bill legalizing recreational use of marijuana by adults.

Under the legislation, those aged 21 and above can possess 3 ounces of marijuana. Residents will now be able to grow marijuana at home, with some conditions. 

Shares of Village Farms (TSX:VFF), a greenhouse grower of hemp and vegetables, rose more than 4%. Innovative Industrial Properties (NYSE:IIPR), a REIT that buys and leases industrial real estate used in growing medical marijuana, gained over 2%.

ETFs AdvisorShares Pure Cannabis (NYSE:YOLO) and Global X Cannabis ETF (NASDAQ:POTX) gained 4.6% each.

The bill now awaits Gov. Andrew Cuomo's signature. Cuomo has previously said he would sign it as soon as it reaches his desk. New York will become the 15th state in the U.S. to allow recreational marijuana use.

The law is expected to boost jobs and the state government’s tax revenue.  

 

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.