The cannabis sector performed well on February 15–22 with help from the stronger broader equity market. The S&P 500 Index rose 0.6% last week. The Horizons Marijuana Life Sciences Index ETF (HMMJ), which tracks the North American Medical Marijuana Index, has returned 1.6%, while the ETFMG Alternative Harvest ETF (MJ) has returned 2.4%.
Among the nine companies considered for our analysis, six companies delivered positive returns, while three companies’ stock prices fell last week.
Trulieve Cannabis (TCNNF) (TRUL) and VIVO Cannabis (VVCIF) (VIVO) had strong performances with double-digit returns. Last week, Trulieve Cannabis returned 15.6%, while VIVO Cannabis stock rose 11.7%. Trulieve announced a strategic partnership with SLANG Worldwide—a branded cannabis consumer packaged goods company. The partnership will allow patients in Florida to access SLANG’s products from Trulieve’s dispensaries in the state. The announcement appears to have led to a rise in Trulieve’s stock price.
On February 19, VIVO Cannabis announced the appointment of Gary McMullen, who has more than 20 years of experience in brewing, as the vice president of its Napanee operations.
Last week, MedMen Enterprises (MMNFF), iAnthus Capital Holdings (ITHUF) (IAN), Curaleaf Holdings (CURLF) (CURA), and Acreage Holdings (ACRGF) (ACRG-U) returned 7.1%, 6.3%, 2.0%, and 1.5%, respectively.
Stocks in the red
During the same period, Wayland Group (MRRCF), Planet 13 Holdings (PLNHF) (PLTH), and Green Organic Dutchman Holdings’ (TGODF) stock prices fell 6.9%, 2.6%, and 2.4%, respectively.