Shares of Florida-based Trulieve Cannabis were trading up as much as 47% at one point, while Verano Holdings’ stock price jumped about 35% immediately after Wall Street trading opened. Trulieve shares also strengthened, closing up 1.2%. The Verano share lost ground and ended with a 5.9% decrease.
More in-
David Culver, vice president of Canopy, whose stock jumped about 22% following Biden’s decision, congratulated the president and said: “Today the action we’ve been waiting for has arrived – an acknowledgment that cannabis prohibition has failed and that too many lives have been significantly affected as a result.” Culver also stated “President Biden, in accordance with his campaign commitments, initiated the necessary actions to heal the damage of the past and chart a course for responsible and legal cannabis markets in the future.”