Cannabis Stocks Start 2021 Strong
Marijuana stocks have outperformed the markets in the first half of January after many financing deals and strong earnings reports.
Exchange-traded funds (ETFs) were all up by double digits. Over the last five trading days:
- The ETFMG Alternative Harvest ETF MJ -0.60%: gained almost 18%
- The AdvisorShares Pure Cannabis ETF YOLO -2.19%: was up almost 12%
- The Cannabis ETF THCX -0.06%: rose 18.4%
Revenue Trends in Michigan
Sales in Michigan hit $984.6 million in 2020. Medical cannabis sales accounted for $474 million for the year, while recreational, adult-use sales reached $510.7 million.
National Holiday Sales
Nationally, the Christmas and New Year’s holidays marked the single biggest cannabis sales period of 2020. The period between Dec. 18 and Dec. 24 generated roughly $427 million. The largest sale day of the period was Wednesday, Dec. 23, with $87.3 million, making it the third-largest cannabis sales of the year, just behind Green Wednesday with $87.4 million. Exceeding all expectations, New Year’s Eve was the single biggest sales day of 2020 with $89.4 million.
Are You Ready To Join The Cannabis Market?
I have successfully assisted many Michigan entrepreneurs to navigate the legalities of joining this growing industry. Please reach out to me via email at firstname.lastname@example.org or call me directly at 248.254.4530. More information can be found a https://www.josephnafsu.com