A $505 Million Pot ETF Just Surged 34% in Minutes on Pardon News
- Cannabis-related ETFs explode higher on decriminalizing signal
- MSOS had largest volume day ever ‘in the last 60 minutes’
Cannabis plants grow at a greenhouse near Camarillo, California.
Photographer: Jill Connelly/BloombergThis article is for subscribers only.
The biggest ETF that invests in cannabis companies just jumped 34% in under an hour after President Joe Biden took his first major steps toward decriminalizing marijuana.
The $505 million AdvisorShares Pure US Cannabis ETF (ticker MSOS) surged alongside other pot-related funds after senior administration officials said Biden will pardon everyone convicted of simple marijuana possession under federal law and is ordering a sweeping review of the drug’s treatment by law enforcement authorities.