Cannabis stocks failed to rally on the heels of New Jersey becoming the 13th state to legalize marijuana for adult use.
The major weed ETFs were all down as of 4 p.m. after the Monday news announcement:
- The ETFMG Alternative Harvest ETF (NYSE: MJ): -3.57%
- The AdvisorShares Pure Cannabis ETF (NYSE: YOLO): -3.39%
- The Cannabis ETF (NYSE: THCX): -4.54%
- The Amplify Seymour Cannabis ETF (NYSE: CNBS): -3.59%.
- The SPDR S&P 500 ETF Trust (NYSE: SPY): -0.75%.
New Jersey Gov. Phil Murphy signed a trio of adult-use cannabis reform bills into law Monday, making recreational marijuana legal and regulated for adults 21 years and older. It's also decriminalized.
Starting immediately, those who had been subject to an arrest for petty marijuana possession — an …