Cannabis sector was up last week
In the week that ended on February 15, the cannabis sector ended in the positive territory, with the Horizons Marijuana Life Sciences ETF (HMMJ) gaining nearly 3.2% and the ETFMG Alternative Harvest ETF (MJ) gaining nearly 4% from the close of market on February 8 to the close of market on February 15.
OrganiGram (OGRMF) emerged as the biggest winner last week, with its stock rising as much as 15.5%. Cronos Group (CRON) followed with a rise of nearly 8.9%, and CannTrust (CNTTF) wasn’t far behind with a weekly rise of 8.6%.
Last week, HEXO (HEXO) rose nearly 4.8%, while Canopy Growth (WEED) (CGC) rose ~4.6%. On February 14, Canopy Growth reported its third-quarter earnings results. The company reported a surge in sales, but its operating losses expanded due to its up-front investments in the business. Read Analyzing Canopy Growth’s Q3 Results to learn more.
Aphria (APHA) also rose nearly 2.8% last week. The stock saw some movement after the company’s special committee reported its findings related to the criticism of its Latin American business acquisition. The committee did find some conflicts of interest in those transactions, but it also reported that the transactions had been done at a fair price. To learn more, read Aphria Reports Committee’s Findings after Short Seller Criticism.
All were not gainers last week, however. Aurora Cannabis (ACB), for example, fell nearly 6.5% last week, while Tilray (TLRY) fell ~3.5% in the same period.