Pot Stocks Enjoy Best Run in Four Years on State Legalization
- Index heads for first consecutive quarterly gain since 2017
- Legislation in states like New York should boost U.S. growers
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Cannabis stocks are on pace for their first back-to-back quarterly gains in four years, and investors are optimistic the rally has legs as states like New York move to fast-track legalization.
Bloomberg Intelligence’s Global Cannabis Competitive Peers Index has gained 33% so far this year, adding to its 45% surge in the fourth quarter of 2020. That consecutive increase is the first and also the biggest since 2017, before recreational marijuana use was legalized in Canada.