As thoughts of corporate tax cuts sent the markets soaring today, The North American Marijuana Index fell, mostly on the backs of Canadian cannabis stocks. News of bolstered support for the Republican tax reform bill in the states had U.S. investors cheering, as the trading week came to a close on Friday. However, record-highs on Wall Street and modest gains up north had no effect on the Canadian sector, as cannabis stocks tumbled downwards after rallying most of the week. The Index closed at 188.47, after an opening price of 190.61, for a .24 percent loss to end the week.
United States Index
What little bright spots the Index saw on Friday came from U.S. investors, as the United States Marijuana Index gained 1.01 percent on Friday. U.S. Senator Marco Rubio signaled his support for the Republicans’ divisive tax bill on Friday, a sign that the bills final passage may be imminent. Both the Dow Jones Industrial Average and the S&P 500 closed on Friday with record highs. The United States Marijuana Index followed suit, closing out Friday at 66.92, for a .67 gain.
Moderate gains on the Toronto Stock Exchange’s S&P/TSX composite meant little to Canadian cannabis stocks, as the Index fell .50 percent on Friday. It was a bland day of trading up north, with the loonie closing down on Friday, as cannabis stocks reversed their week-long rally. The Canadian Marijuana Index opened the day trading at 500.61, falling 2.50 points throughout the day to close out the week at 493.72. Still, it was a small bump in an otherwise positive week of trading.
Winners and Losers
Abattis Bioceuticals Corp. (CSE:ATT) enjoyed a banner day on the market, as the company closed on Friday with share prices up at $0.439 per unit. Trading volume was higher than