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What Happened in the Cannabis Sector Last Week



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.

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Cannabis stocks

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.


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