Pot stocks surge after another state OKs recreational use; sector heads for 7th-straight gain
Shares of cannabis companies rallied in premarket trade Wednesday, putting the sector on track for a seventh-straight gain, after Michigan voters legalized the recreational use of marijuana and other states legalized medical use, although South Dakota voted down recreational use. The ETFMG Alternative Harvest ETF surged 2.2% ahead of the open, after running up 17% the past six sessions, all gains, leading up to the midterm elections. Among some active shares of marijuana companies, Aurora Cannabis Inc. hiked up 3.8%, Canopy Growth Corp. rose 3.8%, Cronos Group Inc. climbed 5.5%, Tilray Inc. jumped 8.2% and New Age Beverages Corp. gained 4.5%. The ETFMG ETF has soared 29% over the past three months through Tuesday, while the Dow Jones Industrial Average has inched up less than 0.1%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.