GTBIF - Why Investors Were So High on Green Thumb Industries Stock Today
The market was happy to take a long, deep drag of pot company Green Thumb Industries (OTC: GTBIF) on Wednesday. In the wake of positive developments on the legalization front, investors bid up the stock by almost 4%, a figure that was in marked contrast to the over 2% decline of the S&P 500 index.
On Tuesday -- Election Day, as if any of us need a reminder -- recreational marijuana legalization came up for a vote in five U.S. states, specifically Arkansas, Maryland, Missouri, North Dakota, and South Dakota. In contrast to previous clean sweeps, only two of the five votes were in favor, with the good residents of Maryland and Missouri electing to approve their measures.
Although the success rate of 40% doesn't come close to some of those previous electoral triumphs, it actually wasn't a bad result. After all, save for Maryland, the quintet is composed of relatively conservative states where opposition to legalization efforts is stronger than in other parts of the country.
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Why Investors Were So High on Green Thumb Industries Stock Today