Staff26% – How much the AdvisorShares Pure US Cannabis ETF jumped after the rescheduling news leaked
Investors in the cannabis industry have been waiting with bated breath for any movement from the federal government regarding legalization. When news broke last week about a Drug Enforcement Administration memo recommending rescheduling cannabis to Schedule III, the floodgates opened, with the AdvisorShares Pure US Cannabis ETF (MSOS) gaining 26% on the news. However, the exuberance was somewhat short lived, as the ETF settled back down to trading at $9.57 the next morning, just 6% higher than the price at the close of trading on April 29.
