Last week was favorable for the cannabis sector. On December 28–January 4, the Horizons Marijuana Life Sciences Index ETF (HMMJ), which tracks the North American Medical Marijuana Index, returned 5.1%, while the ETFMG Alternative Harvest ETF (MJ) returned 7.7%. In comparison, the S&P 500 Index rose 1.9% during the same period.
Among the ten cannabis stock considered for our analysis, nine companies delivered positive returns last week, while only one company’s return was negative. During the same period, VIVO Cannabis (VVCIF), MedMen Enterprises (MMNFF), and Planet 13 Holdings (PLNHF) posted strong performances and returned 27.5%, 23.6%, and 21.3%, respectively. Investors’ optimism surrounding hemp legalization caused the stocks to rise last week.
During the same period, Curaleaf Holdings (CURLF), Wayland Group (MRRCF), Origin Agritech (SEED), Acreage Holdings (AVRGF), iAnthus Capital Holdings (ITHUF), and Green Organic Dutchman Holdings (TGODF) returned 18.3%, 15.7%, 14.3%, 12.9%, 9.9%, and 5.4%, respectively.
Trulieve Cannabis (TCNNF) saw its stock price fall 1.0% last week.
Major events last week
- On January 3, The Green Organic Dutchman Holdings signed a royalty-bearing commercial sublicense agreement with EnWave and Tilray (TLRY).
- On January 4, Curaleaf Holdings opened its fourth dispensary in New York at Carle Place, Long Island. At the facility, the company will conduct free educational programs on medical marijuana usage.
- On January 4, Acreage Holdings completed the acquisition of Nature’s Way Nursery of Miami, a Florida-based cannabis company, for $67 million.