Last week was broadly positive for the cannabis sector. The Horizons Marijuana Life Sciences ETF (HMMJ) rose ~5.4%, while the Alternative Harvest ETF (MJ) rose 3.6%. Last week most of the cannabis stocks ended in the positive territory except for a few such as Cronos Group (CRON). CRON fell due to a Scathing Report on August 30.
Between the close on August 24 and the close on August 31, Tilray (TLRY) emerged as the biggest gainer in the sector. Tilray rose by ~49% as a result of its better-than-expected second-quarter earnings and guidance. Read Digging Deeper into Tilray’s Second-Quarter Earnings for more information. Aphria (APHQF) was next with a weekly gain of 21.2% followed by Supreme Cannabis (SPRWF), which gained 18.8% last week.
Organigram (OGRMF) was also among the top gainers with a rise of 11.1%, followed by CannTrust (CNTTF), which gained 6.6% during the week. Hydropothecary (HEXO) gained 4.7%. Two of the biggest cannabis stocks, Aurora Cannabis (ACB) and Canopy Growth (CGC) (WEED), also ended last week higher by 2.4% and 1.6%, respectively. In contrast, Emerald Health (EMHTF) lost about 3%, and Cronos Group lost about 1.3% last week.
YTD (year-to-date), Canopy Growth remains on the top with a 77% gain, followed by Organigram, which gained 46%, and Cronos Group, which is still up 25.6% despite last week’s decline. Among the worst YTD performers were Aurora Cannabis with a 25.5% decline and Supreme Cannabis with a 25% decline YTD.