Last week, the Horizons Marijuana Life Sciences ETF (HMMJ) fell 1% from its close on September 7. During this period, the Emerging Marijuana Growers Index ETF (HMJR) gained 3.5%, while the ETFMG Alternative Harvest ETF (MJ) gained 2.8%. The overall cannabis industry was mixed after the huge rally leading up to last week.
Tilray (TLRY) continued its ascent last week, reaching a peak of $121.24 on September 13. The stock closed at $109 on September 14, a 40% increase compared to its close on September 7. Other stocks that gained last week include HEXO (HEXO), which was previously known as Hydropothecary, with a rise of 9.5%. CannTrust (CNTTF) followed with a gain of 6.8% during the week. Aurora Cannabis (ACBFF) rose 5.2%, followed by Organigram (OGRMF), which gained 1.5%.
Cronos Group (CRON) fell the most with losses of 14.4% during the week followed by Canopy Growth (CGC) (WEED), which fell almost 9.2%. Aphria (APHQF) fell 4% last week.
Overall, the cannabis sector appeared to be in the overbought territory, as evidenced by last week’s reversal in some of the major stocks.
Learn about the consensus ratings and price targets for some of these stocks in How Analysts Are Rating Cannabis Stocks in September.