what happened
Opening up a new market is always exciting for a company’s shareholders, even if that market isn’t that big.This was the case with a marijuana company on Friday Curaryef Holdings (Kalf 3.62%)shares rose nearly 4% in the second half of the trading session. this is, S&P 500 index.
So what
Curleaf announced that morning that it had been granted permission by the Connecticut Department of Consumer Protection to begin recreational sales at a Stamford pharmacy on Saturday. It’s the first clinic in Connecticut to be owned by a Multistate Operator (MSO) headquartered in neighboring Massachusetts, and was given that nod.
The company will mark the kickoff with a series of festivities at the pharmacy, including giveaways, discounts, and free food and drink.
Overall, Curaleaf operates four retail outlets in a small New England state, all of which currently sell only medical marijuana. His remaining three are in the municipalities of Hartford, Groton and Milford.
Connecticut will legalize recreational (aka adult) marijuana in 2021, making it the 19th state in the United States. However, like many other markets, it took a long time for the recreational market to take off. Such sales only started earlier this month.
so
For the U.S. marijuana industry, which is patiently waiting for government action and eventual decriminalization of the drug, progress will take a small hit. The more open the recreational market is in the US, the better the prospects for all MSOs.
Eric Volkman has no positions in any of the mentioned stocks. The Motley Fool has no positions in any of the companies mentioned. The Motley Fool’s U.S. headquarters has a disclosure policy.
