Cannabis stocks slide
Last week, the cannabis sector slipped into negative territory. The Horizons Marijuana Life Sciences ETF (HMMJ) fell about 8.8% last week, while the ETFMG Alternative Harvest ETF (MJ) declined almost 6.8% between June 22 and June 28.
Last week, however, the broader market was also negative with the TSX 300 Composite Index falling 1.1% and the S&P 500 Index falling 1.3%. Let’s look at how some of the major cannabis stocks performed last week.
Last week, CannTrust (CNTTF) fell the most with a loss of 12.6% week-over-week. MedReleaf (MEDFF) followed with a 12% decline. Canopy Growth (CGC) (WEED), which announced its earnings last week, fell almost 11.5% week-over-week followed by Cronos Group (CRON), which fell about 10.9% week-over-week. Emerald Health (EMHTF) was also among the top losers with a 10.8% weekly decline.
Canopy Growth missed analyst estimates and saw a sell-off after its earnings. However, the outlook for the stock led to price upgrades from three analysts last week. To learn more about the company’s earnings, read Canopy Growth Gets First Price Target Upgrade Post-Earnings.
While these stocks disappointed investors, others weren’t far behind. For example, Aurora Cannabis (ACB) (ACBFF) fell almost 6.9%, while Supreme Cannabis (SPRWF) fell almost 7% over the same period. Organigram (ORGMF) followed with a loss of almost 6.6%. Aphria (APHQF) also declined by the same amount last week.