Cannabis stocks got a shot in the arm today after former New Jersey governor Chris Christie said in an interview that President-elect Donald Trump’s pro-business agenda would most likely include descheduling marijuana, which would be a broadly positive development across the industry from a labor, banking, and taxation standpoint.
Multi-state operators (MSOs), in particular, are benefiting from the reports, with Verano Holdings (VRNOF) up 21%, Cresco Labs (CRLBF) up 17%, Green Thumb (GTBIF) up 15%, and Curaleaf (CURLF) also adding 15%.
As for Cronos Group (CRON), the Toronto-based company is joining in the rally after beating Wall Street’s Q3 earnings estimates. CRON reported earnings of $0.02 per share on revenue of $34.26 million, up 38% from the year-ago period, while analysts were looking for a breakeven per-share result on revenue of $30.56 million. Cronos ended Q3 with a cash balance of $862 million.
CRON is on pace for its biggest daily gain since April, but faces a potentially stiff hurdle in the form of its overhead 200-day moving average, which has so far capped today’s highs.