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Cannabis ETF (WEED) Hits a New 52-Week High
For investors seeking momentum, Roundhill Cannabis ETF (WEED - Free Report) is probably on the radar now. The fund just hit a 52-week high and is up 226.5% from its 52-week low price of $8.79 per share.
But are there more gains in store for this ETF? Let’s take a quick look at the fund and its near-term outlook to get a better sense of where it might head.
WEED in Focus
The Roundhill Cannabis ETF is designed to offer investors exposure to the cannabis sector (See: all marijuana ETFs here).
What Led to the Rise?
Cannabis stocks surged recently, thanks to reports of President Trump's plans to ease federal marijuana regulations by reclassifying it to Schedule III from a Schedule I. This news sparked gains across major players, boosting investor optimism.
More Gains Ahead?
WEED may continue its strong performance in the near term, with a positive weighted alpha of 43.48 (as per Barchart.com), which suggests a further rally.