Cannabis sector performance
Last week was broadly positive for the cannabis sector. The benchmark Horizons Marijuana Life Sciences ETF (HMMJ) ended with a gain of 1.7% between its closing on June 29 and its closing on July 6. Last week, the TSX Composite Index gained about 58 basis points, while the S&P 500 Index gained almost 1.5% over the same period. Let’s look at how some of the major cannabis stocks performed last week.
MedReleaf (MEDFF) emerged as the top gainer of the week with a rise of 12.6% to close at 30.38 Canadian dollars. Last week, the Canadian Competition Bureau gave clearance for MedReleaf to merge with Aurora Cannabis (ACB) (ACBFF), which led to the double-digit increase. However, as a result of this clearance, Aurora Cannabis declined by 54 basis points to 9.25 Canadian dollars last week.
Cronos Group (CRON) was also among the top gainers last week with a rise of 7.3% to 9.14 Canadian dollars followed by Canopy Growth (CGC)(WEED), which gained about 2.47% week-over-week to 30.37 Canadian dollars. Supreme Cannabis (SPRWF) was next with a weekly gain of 1.25% to 1.62 Canadian dollars, while CannTrust (CNTTF) gained 51 basis points to close at 7.87 Canadian dollars last week.
Some of the stocks in the negative territory included Hydropothecary (HYYDF), which lost almost 5.3% to end at 5.02 Canadian dollars, followed by Emerald Health (EMHTF), which fell by 3.2% to 3.58 Canadian dollars, and Organigram (ORGMF), which fell by 2.8% to 5.19 Candian dollars. Aphria (APHQF) also ended in the red with a 1.9% loss to end the week at 11.65 Canadian dollars.