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Comments from White House press secretary Sean Spicer on Thursday that federal authorities could start cracking down on recreational marijuana businesses sent cannabis stocks on a roller-coaster ride Friday, with some stocks tumbling as much as 15% in early morning trading.
As of late Friday afternoon, a U.S. cannabis index – MarijuanaIndex.com’s collection of 17 cannabis-related stocks that trade mainly over the counter – was down 4.45 points, or 5.81%, from its opening price of $75.40.
The index plunged about six points to start the day, trading at just over $69 per share, before regaining a few points over