In a four-day week where markets were on the rise, cannabis stocks proved to be big winners. Late Friday, stocks surged on news that a federal marijuana legalization bill will get a congressional vote next week.
During the holiday week:
- The ETFMG Alternative Harvest ETF (NYSE:MJ): gained 12%
- The AdvisorShares Pure Cannabis ETF (NYSE:YOLO): was up 15%
- The Cannabis ETF (NYSE:THCX): advanced 14.5%
- The Amplify Seymour Cannabis ETF (NYSE:CNBS): rose 14%
- The SPDR S&P 500 ETF Trust (NYSE:SPY) was up 1.5%.
In other news, music industry mogul Jay-Z announced he is set to join a newly formed cannabis company that’s expected to become the largest in California.
The venture was formed via a partnership between Caliva, Left Coast Ventures, Subversive Capital Acquisition Corp. (OTCQX:SBVCF) and Roc Nation, the entertainment company Jay-Z launched in 2008.
Jay-Z will take on the title of “Chief Visionary Officer.” The transaction is slated to close in January 2021 with Steve Allan as CEO.
In his role, Sean Carter (Jay-Z) is expected to help oversee a corporate venture fund focused on social equity measures. The fund will aim at an initial funding target of $10 million and commit to contributing at least 2% of its net income to invest in minority-owned cannabis businesses and donate to organizations seeking to rectify the wrongs of…