The ETFMG Alternative Harvest ETF (NYSE: MJ) traded lower on Monday as investors continued to take profits on the post-election run-up in cannabis stocks. This week is a big week in the cannabis space with several potential catalysts of note ahead.
Here are for things cannabis investors should be watching this week.
Monday: Perhaps the biggest potential event this week is the New Jersey legislature voting on a revised cannabis deal in the state. Cantor Fitzgerald analyst Pablo Zuanic said that Curaleaf Holdings Inc. (ORC: CURLF), Green Thumb Industries Inc. (OTCQX: GTBIF) and Columbia Care Inc. (OTCQX: CCHWF) are among the cannabis stocks with the largest presence in New Jersey.
“Note that a court ruling may pave the way for 24 more licenses to be issued in NJ,” Zuanic said.
Related Link: 3 Reasons Cannabis Stocks May Be Headed Lower
Also on Monday, rapper and businessman Shawn “Jay-Z” Carter will be performing a round of business wire interviews related to his cannabis SPAC TPCO Holding Corp. (OTC: GRAMF). In January, Jay-Z’s Roc Nation finalized what is currently the largest cannabis SPAC deal ever, but the stock has underperformed since the deal was finalized.
Tuesday: Privately held Canndoc, the largest cannabis company in Israel, is holding a two-hour investor day event starting Tuesday at 10 a.m. ET. Canndoc is in the process of going public via a merger with SPAC Subversive Real Estate Acquisition Reit Units (OTCQX: SBVRF).
Thursday: On Thursday and Friday, Benzinga will be holding its virtual Cannabis Capital Conference. Key speakers at this year’s event include Canopy Growth Corp. (NYSE: CGC) President & Chief Product Officer Rade Kovacevic, Green Thumb Industries Chief Strategy Officer Jennifer Dooley, Charlotte’s Web Holdings Inc. (OTCQX: CWBHF) CEO Deanie Elsner, Trulieve Cannabis Corp. (OTCQX: TCNNF) CEO Kim Dickens and dozens of other leading cannabis entrepreneurs, executives and investors.
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