Cannabis-related stocks have been tumbling — their nosedive likely the result of the White House hinting at a crackdown on pot.
According to Leafly — a cannabis information database — some pot-related stocks dropped by up to 15 percent after White House press secretary Sean Spicer said during a White House briefing on Feb. 23 that he predicts “greater enforcement” of federal marijuana laws.
Although marijuana remains a Schedule I controlled substance at the federal level, medical marijuana is legal in dozens of states. Eight states and Washington, D.C., have adopted laws legalizing pot for recreational use.
MarijuanaIndex.com tracks cannabis-related stocks in the U.S. and Canada using an index of constituent stocks. In the days following Spicer’s comment, the U.S. marijuana stock index fell sharply, Leafly says.
According to CNN Money, the following are just two of several marijuana stocks that have recently taken a hit as a result of Trump’s perceived stance on pot:
- Weed Inc.: The penny stock for this company, which purchases land to lease to pot growers, nosedived 10 percent the day after Spicer’s comments.
- Innovative Industrial Properties: The share price for the company that purchases buildings and leases them to medical marijuana growers has declined a steep nearly 8 percent since last week.
CNN Money says other marijuana stocks — including Medical Marijuana, Pineapple Express, Hemp Inc. and GrowLife — also took a plunge after Spicer’s marijuana comments made headlines.
To learn how you can profit from pot legalization, check out “3 Ways You Can Make Some Green from Legal Marijuana.”
What do you think about legalizing pot for medicinal use? Do you feel differently about recreational marijuana? Share your thoughts below or on Facebook.