Pot stocks surge after another state OKs recreational use; sector heads for 7th-straight gain

Shares of cannabis companies rallied in premarket trade Wednesday, putting the sector on track for a seventh-straight gain, after Michigan voters legalized the recreational use of marijuana and other states legalized medical use, although South Dakota voted down recreational use.

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By TOMIKILGORE REPORTER AND EDITOR

The ETFMG Alternative Harvest ETFMJ, +1.91% surged 2.2% ahead of the open, after running up 17% the past six sessions, all gains, leading up to the midterm elections. Among some active shares of marijuana companies, Aurora Cannabis Inc. ACB, +0.12% hiked up 3.8%, Canopy Growth Corp. CGC, +0.63% rose 3.8%, Cronos Group Inc. CRON, -0.71%climbed 5.5%, Tilray Inc. TLRY, -0.43% jumped 8.2% and New Age Beverages Corp. NBEV, +1.77% gained 4.5%. The ETFMG ETF has soared 29% over the past three months through Tuesday, while the Dow Jones Industrial AverageDJIA, +2.13% has inched up less than 0.1%.

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