The ETF Horizons Marijuana Life Sciences (HMMJ) rose 22 basis points between January 11 and January 16. However, the Horizons Emerging Marijuana Growers Index (HMJR) slid 3.6% over the same period.
Last week, Tilray (TLRY) emerged as the worst performer in the sector with its stock taking a beating of nearly 19.6%. Tilray stock declined despite its announcement of a revenue-sharing agreement with Authentic Brands Group. Tilray was negatively impacted by its IPO lockup expiry last week, which enabled insiders to sell their holdings in the open market.
Emerald Health (EMHTF) was also among the biggest losers with its stock declining by 10.4%, while Aphria (APHA) took a 3.2% beating between January 11 and January 18. Supreme Cannabis (SPRWF) was also in the negative territory with a 2.8% decline, while Organigram (OGRMF) was down by about 16 basis points last week.
In contrast, some cannabis stocks continued to move higher in the new year including Canopy Growth (WEED), which rose nearly 13.8%, followed by HEXO (HEXO), which gained nearly 9.2% last week. The boost in HEXO came after it received approval to up-list on the NYSE (New York Stock Exchange) American. Read HEXO Gets Approval to Be Listed on the NYSE American for more information. CannTrust (CNTTF) was also among the gainers with a 2% rise last week.