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Alliance Global Partners analyst Aaron Grey said he’s tracked 11 U.S. states considering adult use cannabis sales, despite a lack of progress on the federal level. “While questions around the prospects for federal cannabis reform remain, state by state momentum continues,” Grey said in a research note. Connecticut, New York, Virginia and New Jersey are expected to also begin adult-use sales through 2023-2024, he said. “We believe this momentum will continue for years to come.” The AdvisorShares Pure US Cannabis ETF is down 21.5% so far in 2022, compared to a 12.2% loss by the Nasdaq Composite.
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