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“Freaky Friday” Startled Our American Cannabis MSO Index, In A Good Way

Mar 17, 2024Finance0

Image sourceIntroductionLast Friday was “Triple Witching Day” – or “Freaky Friday” (see here) – on Wall Street with stock options*, market index options and market index futures all expiring on the same day. This usually generates higher trading volumes since contracts allowed to expire cause traders to close, roll out, or offset their expiring positions. (Stock options contracts are contracts taken out on the direction of a stock price at a future date which give the buyer the right to buy or sell shares of a company within that future timeframe. Calls let you buy stock shares at a set price, known as the strike price, on or before the expiration date. Puts give you the right to sell shares.)In the case of individual stocks, stock prices can be bid higher and higher during the last hour of the trading day if traders want to own certain stocks have the potential to achieve much higher prices before a contract were to expire. That is exactly what happened last Friday with trading volume in the 7 stocks in the  munKNEE American Cannabis MSO Stocks Index going up 51.5% higher than the average daily trading volume and closing out the trading day up 14.7%.The munKNEE American Cannabis MSO Stocks IndexBelow is how each of the stocks in the Index responded:

  • in price on March 15th vs. March 14th, in descending order, 
  • in trading volume on March 15th vs. the average daily trading volume,
  • in its 6-week (end of January) price trend,
  • plus any recent news, commentary, and/or analysis on each company.
  • Verano Holdings (VRNOF): Price: up 25.2%; Volume: up 11.1%; Price Trend: down 10.9%   

  • Curaleaf Holdings (CURLF); Price: up 21.9%; Volume: up 40.6%; Price Trend: down 5.3%

  • Ayr Wellness (AYRWF): Price: up 21.6%; Volume: up 96.0%; Price Trend: down 41.2%

  • Trulieve Cannabis (TCNNF): Price: up 11.8%; Volume: up 30.4%; Price Trend: up 16.7%

  • Cresco Labs (CRLBF): Price: up 11.8%; Volume: up 36.2%; Price Trend: down 7.4%

    • recent news, commentary, and/or analysis:
      • Cresco Labs Q4 Results Demonstrate Significant Profitability and Cash Flow Improvements
  • Green Thumb Industries (GTBIF): Price: up 11.3%; Volume: up 99.5%; Price Trend: down 2.4%

  • TerrAscend Corp. (TSNDF): Price: up 6.2%; Volume: up 88.6%; Price Trend: down 14.1%

    • For the record, the munKNEE American Cannabis MSO Stocks Index was up 9.9% last week and is now up 33% YTD; in comparison,  the  AdvisorShares Pure US Cannabis ETF (MSOS) was up 9.5% on Friday, and is now up 26.5% YTD.More By This Author:“Triple Witching Day” Or “Freaky Friday” On Wall Street
    Q4 Financials Of Cannabis MSO, TerrAscend, Were Terrible
    Cannabis MSO Ayr Wellness Reports Q4 Increase In Net Loss Of 53%

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