In the week ending February 8, cannabis stocks ended in the red. The Horizons Marijuana Life Sciences ETF (HMMJ) fell nearly 2.8% from the closing on February 1. The Emerging Marijuana Growers Index ETF (HMJR) fell ~1.3%, while the ETFMG Alternative Harvest ETF (MJ) fell ~4.3% during the same period.
In the above chart, most of the cannabis stocks saw their prices fall week-over-week. Supreme Cannabis (SPRWF) was among the biggest losses last week. Supreme Cannabis saw its stock fall ~18.6%, while OrganiGram (OGRMF) fell ~16.5% during the same period. Canopy Growth (WEED) (CGC) was the third-biggest loss last week. Canopy Growth stock fell as much as 7%, while Cronos Group (CRON) fell as much as 6% during the same period.
HEXO (HEXO) fell nearly 5% last week. Aphria (APHA), which formally rejected Green Growth’s takeover offer, fell nearly 2% during the same period.
Not all of the cannabis stocks fell last week. Aurora Cannabis (ACB) gained 2.6%, while CannTrust (CNTTF) gained nearly 1.3% in the week ending February 8. After the recent runup in cannabis stocks in January, the recent pause shows that investors are getting cautious. Read Do Cannabis Stocks Look Expensive? to learn more.
This week, Canopy Growth and other companies are scheduled to report their earnings. To learn more, read What to Expect from Canopy Growth’s Q3 Earnings.