Cannabis stocks traded in a holding pattern on Thursday, extending a recent quiescent period, with investors awaiting the outcome of bipartisan legislation proposed in the House and Senate that would create protections for states that have legalized the substance for medical or recreational use.
“Cannabis stocks have been resting after a big run-up in the first two months of the year, “ said Korey Bauer, portfolio manager of the Cannabis Growth Fund CANNX, -0.50% a mutual fund recently launched by Foothill Capital Management. “People are looking to the next quarter and waiting to see what the next big partnership will be, that’s what will spark a resumed rally.”
