Jeff Mascio, CEO of Cannabis One (CAAOF) , a cannabis multi state operator, believes that the sudden bump the sector saw on Tuesday after Aurora Cannabis ACB issued its guidance is emblematic of a sector that is starved for good news.
"Any positive news after when we basically reached capitulation last week and people were throwing out the good with the bad and there was a massive selloff because of fear," is a good thing for the sector Mascio said.
This week Aurora provided revenue guidance that was in line with expectations, but that simple act in the midst of a myriad of bad news was enough to lift the entire cannabis segment.
Fraud allegations against CannaTrust (CTST - Get Report) led to a massive selloff that saw investors dumping good stocks along with the bad. This week's rally is a direct result of that, Mascio told TheStreet.
To hear the full interview check out the video up top.
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