The benchmark Etmfg Alternative Harvest ETF (MJ) - Get ETFMG Alternative Harvest ETF Report rose more than 4% last week after Connecticut's governor signed a bill into law legalizing adult use of recreational cannabis.
Starting July 1, the law allows individuals over age 21 to possess as much as 1.5 ounces of cannabis on their person and as much as 5 ounces in their homes or vehicles.
The state says it aims to begin retail sales of cannabis in the state by the end of 2022.
Here's how some cannabis stocks performed last week.
Canopy Growth | Increase 8.3%
Canopy Growth (CGC) - Get Canopy Growth Corporation Report shares jumped last week after the company completed its acquisition of Supreme Cannabis as part of its strategy to grow its leading market share position in the premium segment. The acquisition gives Canopy a recreational market share of 18.1% in Canada, the company said. The company sees as much as $30 million of synergies arising from the deal within the next two years.
Cronos Group | Increase 6.2%
Hexo | Increase 2.1%
Hexo (HEXO) - Get HEXO Corp. Report shares rose last week. On Monday the stock at last check was up 2.4% after the company gained a toehold in the U.S. by closing the purchase of its first U.S. production facility, in Fort Collins, Colo. The facility is 50,000 square feet.
Curaleaf Holdings | Increase 9.7%
Curaleaf Holdings (CURLF) jumped last week after the company said it opened Curaleaf Edgewater Park, the company's second dispensary in New Jersey and its 107th nationwide. The new site triples Curaleaf's cultivation capabilities in the state.