The North American Marijuana Index saw slight gains on Thursday, climbing just under two percent following news that President Trump eased up on global tariff tensions. Investor worries lessened as Trump announced exemptions for Canada and Mexico, as well as other for other countries should they apply, walking back market fears of a trade war that left Wall Street on edge for days. The Index closed at 267.20 on Thursday.
Wall Street was volatile for most of the day on Thursday before Trump’s announcement, ending the day in positive territory following what many saw as stabilizing news for the markets. Not everyone agreed that the news was good, however, as some experts still argued that any tariffs are a step backward for global economic policy.
"He dialed it back a little bit, but they're still tariffs, and we're still going in the wrong direction from a policy perspective if you're a markets-focused globalist. I wouldn't be surprised if he comes out with different tariffs on other things," said Michael O’Rourke, Chief Market Strategist at JonesTrading in an interview with Reuters.
The Dow Jones Industrial Average jumped 93.85 points, or 0.38 percent, closing out the day at 24,895.21. Meanwhile, the S&P 500 (.SPX) gained 0.45 percent, and the Nasdaq Composite climbed 0.42 percent. News of the exemptions bodes well for Canadian markets, as the Toronto Stock Exchange's benchmark S&P/TSX Composite Index climbed 66.09 points, or 0.43 percent, ending Thursday at 15,538.70.
Horizons Marijuana Life Sciences ETF (HMMJ.TO) fell CAD$0.04 per share, a decline of 0.21 percent to close out Thursday at CAD$19.25. The Evolve Marijuana ETF (SEED) dropped CAD$0.01 per share, or 0.05 percent to close out the day at CAD$19.95.
Winners and Losers
Cannabics Pharmaceuticals, Inc. (OTC:CNBX) rose 10.40 percent on lower than average trading volume, closing the day at $1.38 per share… Hiku Brands Company Ltd. (CSE:HIKU) (OTC:DJACF) jumped 11.11 percent on higher than average trading volume, closing the day at $2.10 per share… Namaste Technologies Inc. (CSE:N) (OTC:NXTTF) climbed 5.92 percent on lower than average trading volume, closing the day at $1.55 per share.
CV Sciences, Inc. (OTC:CVSI) fell 8.26 percent on lower than average trading volume, closing the day at $0.42 per share... MassRoots Inc. (OTC:MSRT) shot down 7.04 percent on lower than average trading volume on the OTC markets, closing the day at $0.26 per share… Phivida Holdings Inc. (CSE:VIDA) (OTC:PHVAF) dropped 8.10 percent on higher than average trading volume, closing the day at $1.14 per share.