Marijuana stocks surge after Michigan votes to legalize recreational use

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November 7, 2018 1:59pm NYSE:MJ

From MarketWatch: Shares of cannabis companies rallied in premarket trade Wednesday, putting the sector on track for a seventh-straight gain, after Michigan voters legalized the recreational use of marijuana and other states legalized medical use, although South Dakota voted down recreational use. 

The ETFMG Alternative Harvest ETFMJ, +0.53% surged 2.2% ahead of the open, after running up 17% the past six sessions, all gains, leading up to the midterm elections. Among some active shares of marijuana companies, Aurora Cannabis Inc. ACB, -0.41% hiked up 3.8%, Canopy Growth Corp. CGC, -1.67% rose 3.8%, Cronos Group Inc. CRON, -1.33%climbed 5.5%, Tilray Inc. TLRY, +3.42% jumped 8.2% and New Age Beverages Corp. NBEV, +3.49% gained 4.5%. The ETFMG ETF has soared 29% over the past three months through Tuesday, while the Dow Jones Industrial AverageDJIA, +1.05% has inched up less than 0.1%.

The ETFMG Alternative Harvest ETF (MJ) was trading at $34.26 per share on Wednesday morning, down $0.02 (-0.06%). Year-to-date, MJ has gained 5.34%, versus a 4.81% rise in the benchmark S&P 500 index during the same period.

MJ currently has an ETF Daily News SMART Grade of C (Neutral), and is ranked #59 of 75 ETFs in the Global Equities ETFs category.

This article is brought to you courtesy of MarketWatch.

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