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Cannabis ETF (CNBS) Hits New 52-Week High
For investors seeking momentum, Amplify Seymour Cannabis ETF (CNBS - Free Report) is probably on the radar. The fund just hit a 52-week high and is up 199.07% from its 52-week low price of $13.96/share.
But are there more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea of where it might be headed:
CNBS in Focus
The fund employs an active strategy to deliver diversified exposure across the U.S. cannabis ecosystem. The product charges 76 bps in annual fees (See: All Marijuana ETFs).
Why the Move?
The cannabis sector been drawing renewed attention lately, supported by President Trump’s plan to ease federal regulations on marijuana, making it a key policy tailwind. Reclassifying marijuana to a lower-risk category drug could significantly boost research funding and improve the sector’s access to more capital by easing legal constraints.
More Gains Ahead?
CNBS might continue its strong performance in the near term, with a positive weighted alpha of 19.45 (as per Barchart.com), which gives cues of a further rally.