Shares of cannabis companies rallied in premarket trade Wednesday, putting the sector on track for a seventh-straight gain, after Michigan voters legalized the recreational use (http://www.marketwatch.com/story/arkansas-missouri-back-minimum-wage-hikes-as-michigan-embraces-recreational-use-of-marijuana-2018-11-07) of marijuana and other states legalized medical use, although South Dakota voted down recreational use. The ETFMG Alternative Harvest ETF (MJ) surged 2.2% ahead of the open, after running up 17% the past six sessions, all gains, leading up to the midterm elections (http://www.marketwatch.com/story/pot-stocks-rally-toward-sixth-straight-gain-ahead-of-midterm-elections-2018-11-06). Among some active shares of marijuana companies, Aurora Cannabis Inc. hiked up 3.8%, Canopy Growth Corp. (WEED.T) rose 3.8%, Cronos Group Inc. (CRON.T) climbed 5.5%, Tilray Inc. jumped 8.2% and New Age Beverages Corp. (NBEV) gained 4.5%. The ETFMG ETF has soared 29% over the past three months through Tuesday, while the Dow Jones Industrial Average has inched up less than 0.1%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
November 07, 2018 12:00 ET (17:00 GMT)
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