Today, CNBC reported that US retail sales for August increased 0.4% compared to an increase of 0.8% in July. It appears that investors weren’t impressed by August’s retail sales growth, as the US market looked subdued today. At 2:00 PM ET, the S&P 500 Index was flat, while the Dow Jones Industrial Average was up 0.2%. Cannabis ETFs, which fell yesterday, showed some recovery today.
The ETFMG Alternative Harvest ETF (MJ) and the Horizons Marijuana Life Sciences Index ETF (HMMJ) were trading 0.5% and 1.0% higher, respectively. Also, the majority of the cannabis stocks were trading in the green.
IIPR was up over 5%
Today, Innovative Industrial Properties’ (IIPR) board announced a quarterly dividend of $0.78 for the third quarter. The company’s third-quarter dividend represents a rise of 30% from its second-quarter dividend and a rise of approximately 123% from the third quarter of 2018. The company’s dividend yield stood at 3.5%, and its stock was trading at $88.39 on September 12. The company will pay its dividend on October 15 to shareholders of record as of September 30. According to the company, it has hiked its dividend five times since going public in December 2016.
The hike in IIPR’s dividend appears to have increased investors’ confidence. It was up 5.2% today at 2:00 PM ET. YTD, the company has returned 94.7% as of September 12. The company reported strong second-quarter earnings on August 7, with its revenue outperforming analysts’ expectations. To know more, read Why IIPR’s Q2 Earnings Came in Strong.
Aurora was trading in the green
After falling approximately 9.0% yesterday, Aurora Cannabis (ACB) was trading 0.9% higher at 2:00 PM ET. The company reported its fourth-quarter earnings on September 11 after the market closed. For the quarter, the company reported revenue that was lower than its guidance and analysts’ expectations, which led to a fall in its stock price. For more on Aurora’s fourth-quarter performance, read Aurora Cannabis Stock Fell Approximately 9%: Time to Buy? Despite yesterday’s fall, Aurora has returned 14.3% YTD as of September 12.
Canopy Growth was up 3.1%
Canopy Growth (CGC) (WEED) reported its first-quarter earnings results on August 14. The company missed on both its top and bottom line estimates, which led its stock to fall 17.6% from August 14 to September 12. However, today, the company was up 3% as of 2:00 PM ET. Investors appear optimistic about the second phase of legalization, or Cannabis 2.0, which is expected to happen later this year.
Right now, Canada allows cannabis to be sold as dried leaves, oils, and gels. The second phase will legalize cannabis derivative products, including vapes, mints, gummies, and chocolates. Investors hope the second phase of legalization will boost Canopy’s sales. To learn more about Canopy’s growth initiatives, read Canopy Growth: Key Takeaways from Its Investor Call.