A legend of the cannabis community has hung up his boots when it comes to lighting one up, as Snoop Dogg has announced he has given up smoking altogether.
Calvin Broadus, more commonly known as Snoop Dogg, took to her social media channels, Instagram and X, to announce that he has quit smoking after having "much conversation with my family". The 52-year-old musician was synonymous with cannabis, even becoming an icon of the cannabis community for his constant use of it wherever he went.
Due to his close association with cannabis, many fans were shocked to hear that Snoop Dogg has stopped smoking, and it seems that same shock has made its way to the stock market.
Reports indicate that cannabis stocks were affected when the market opened on Thursday. One example is Global X Cannabis ETF, a bundle of different cannabis stocks opened 1.5% lower on Friday. Aurora Cannabis Inc, a licensed cannabis producer, moved lower again. Furthermore, Altria Group, one of the world's biggest cannabis producers and marketers of tobacco products, opened lower on Friday.
"Snoop Dogg quits smoking, 90% of cannabis-related stocks drop. Can't make this s*** up," one X user wrote
"Companies associated with the cannabis industry have experienced a difficult period over the past two years, recording an average decline of around 70 percent. This drop was largely due to the repeated unprofitability of these businesses.
In order to easily raise capital, due to the high popularity of these types of companies around 2018, many of them went public. The negative profitability prompted these companies to turn to debt financing to maintain liquidity," said Grzegorz Drozdz, a market analyst at Invest.Conotoxia.com, to Newsweek