Cannabis Stock Performance and Other Developments Last Week
Last week’s performance
Last week, markets posted one of their worst weeks. The S&P 500 Index (SPY) fell 5%, and the TSX 300 Composite Index fell 4% between February 2 and February 9.
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In contrast to how the broad markets performed last week, cannabis stocks had another good week. The Horizons Marijuana Life Sciences ETF (HMMJ) (HMLSF) rose ~14% through last week, while ETFMG Alternative Harvest ETF (MJX) delivered a 5% gain over the same period.
To know more about analysts’ ratings on some of the cannabis stocks, read Analyst Ratings and Price Targets for Major Cannabis Stocks. Most of the stocks in the above chart, which are also included in the above two ETFs, saw a weekly gain. For example, Cronos Therapeutics (PRMCF) rose ~34% to 9.2 Canadian dollars, and Aurora Cannabis (ACBFF) rose ~33% to 11.3 Canadian dollars last week.
MedReleaf (LEAF) and the Hydropothecary (HYYDF) both posted a weekly gain of 14%, rising to 18 Canadian dollars and 3.9 Canadian dollars, respectively. Emerald Health (EMHTF) rose 11% to 6.5 Canadian dollars, and Supreme Cannabis (SPRWF) rose 8% to 2.1 Canadian dollars.
Among the nine companies in the above chart, CannTrust Holdings (TRST) was the only one to end lower by 4% to 8.2 Canadian dollars last week.
While last week was positive for most of the cannabis stocks, the gain wasn’t enough to reverse the YTD (year-to-date) losses of the above companies. MedRelaf was the biggest loser with a loss of 33% so far this year, while Aurora Cannabis lost 4% YTD. Except for Emerald Health, which had flat returns YTD, the remaining stocks had losses ranging from 10% to 21%.
In the following parts of this series, we’ll discuss some of the developments in the cannabis sector last week.