Tilray, Trulieve And Other Cannabis Stocks Nosediving As Industry Faces New Wave Of Political Uncertainty

The cannabis market is experiencing a rough patch after election day, with many top U.S. and Canadian cannabis stocks under pressure following Donald Trump‘s victory, the prospect of a GOP-controlled Senate and Florida’s rejection of Amendment 3 that would have legalized cannabis.

As of Wednesday mid-morning, key cannabis players experienced notable drops in share prices, reflecting investor caution and panic sales as the sector faces a wave of political uncertainty.

For instance, shares of cannabis leader Tilray Brands Inc (NASDAQ:TLRY) are trading at $1.53, down $0.25, or -13.7%. Tilray’s chart shows a sharp decline with increased trading volume nearing 10 million shares.

Chart created using Benzinga Pro

Here's how other top U.S. and Canadian cannabis stocks are trading as of Wednesday mid-morning:

• Curaleaf Holdings Inc (OTC:CURLF) shares are trading at $2.38, down $0.74.
• Green Thumb Industries Inc (OTC:GTBIF) shares are trading at $8.78, down $1.90.
• Trulieve Cannabis Corp (OTC:TCNNF) shares are trading at $7.27, down $5.43.
• Canopy Growth Corp (NASDAQ:CGC) shares are trading at $4.35, down $1.25.

A look at how some of the most traded cannabis ETFs are trading:

• AdvisorShares Pure US Cannabis ETF (NYSE:YOLO) shares are trading at $5.01, down $1.87.
• ETFMG Alternative Harvest ETF (NYSE:MJ) shares are trading at $2.74, down $0.59.
• AdvisorShares Pure Cannabis ETF (NYSE:MSOS) shares are trading at $2.80, down $0.52.

Read Also: Florida’s Cannabis Initiative Defeated: Trulieve CEO Kim Rivers, NFL’s Ricky Williams And Others Respond

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Market Takes A Toll On Trulieve Bet

Trulieve Cannabis Corp (OTC:TCNNF) stands out in this market slump, experiencing a -43% at the moment of writing.

Trulieve, which invested heavily in Florida's Amendment 3 campaign – over $110 million – saw its shares tumble from nearly $12 to $7.27, losing $5.43.

This drastic drop comes on the heels of both the company’s Q3 earnings report and the failed Florida legalization measure.

Trulieve reported $284 million in revenue, a modest 3% year-over-year increase, but the substantial campaign investment weighed heavily on its financials.

Chart created using Benzinga Pro

The chart for Trulieve shows a sharp drop from over $12 to the $7 range, with significant volume spikes, indicating heavy selling pressure.

Had the amendment passed, a clear win for Trulieve, the situation would probably be quite different.

• Read Next: Canopy Growth And Other Top Cannabis Companies To Report Earnings: Will Results Get Pot Stocks On Track Following Post-Election Dip?

Cover: AI-generated image