Join us on the Trade To Black Podcast and catch up on the market news of Wednesday before the bell rings. We’re still following the amazing surge of cannabis post Labor Day in the wake of the rescheduling recommendations, and we’re keeping you up to date on the biggest increases and volume of trading.
Former day trader and analyst, Benjamin A Smith, sheds light on the mixed bag of players and the biggest movers of the day. Cannabis company Ayr Wellness (CSE: AYR.A), yet again, showcased its strong performance, surging 21% with a whopping 2.1 million in volume. Is this stock emerging as a standout regardless of industry trends? Alongside Ayr Wellness, Jushi and Columbia Care are also benefiting from being heavily shorted stocks in the industry.
Some stocks did experience minor losses. That includes TerrAscend, Trulieve, SNDL, Cronos, Glasshouse, and Curaleaf showing a dip ranging between 0.5% and 5%. However, it’s important to note that these were not significant declines. For example, GTI was down around 8-9% intraday but finished with a 2.6% loss, indicating a net positive. Canopy Growth also continues heavy volume.
How long can this trend continue? And how real is this surge? We’ll share all of our thoughts on whether it is possible investors could be waiting for a pullback and why rescheduling is so important for cannabis companies.
Despite some stocks briefly entering the red, several managed to bounce back and finish mildly in the negative or even in positive territory. Overall, Wednesday’s market movement can be considered healthy, and we’re looking forward to what Thursday’s trading will bring.
We finish up with a discussion of what might happen if the DEA decides to not follow the HHS recommendation to reschedule cannabis from a Schedule I to Schedule III after all. How might this impact investors, and what would it mean for things like Chuck Schumer’s SAFE Banking Act? And also: if you want to know more about the fall timeline, we’ve got you covered.
Check this podcast out before the market opens today!