Cannabis ETFs tumbled last week
Last week, most of the cannabis ETFs ended the week in the red. The Horizons Marijuana Life Sciences ETF (HMMJ) closed 5.2% lower, while the Horizons Emerging Marijuana Growers Index ETF (HMJR) closed 2% lower. The Evolve Marijuana ETF (SEED) fell 4.9%, and the ETFMG Alternative Harvest ETF (MJ) fell 3%.
Last week, the broader market had one of the worst weeks in 2018 with the S&P 500 Index declining by 6% and the TSX 300 Composite Index falling by 3.1%. Let’s look at how some of the major cannabis stocks performed last week.
Last week, Aphria (APHQF) fell the most among cannabis stocks with a fall of 10.7%, followed by MedReleaf (MEDFF), which declined by ~8%, and Aurora Cannabis (ACB), which declined by 7.7% over the same period. Supreme Cannabis (SPRWF) was next with a weekly decline of 6.6% followed by Organigram (OGRMF), which fell by 6.6%. Cronos (CRON) also saw a weekly decline in the mid-single digits at 6.2%.
CannTrust (CNTTF) and Emerald Health (EMHTF) also declined last week by 4.2% and 2.7%, respectively. Canopy Growth (WEED) and Hydropothecary (HYYDF) were among the only two stocks in the above chart that ended last week in the positive territory with rises of 2.7% and 5.7%, respectively.
In the next part, we’ll discuss how GMP Securities views Canopy Growth.