In week 50, the majority of the cannabis stocks were in negative territory. Of the nine stocks that we have considered for our analysis, only three companies gave positive returns, while the remaining six companies’ stock prices have declined.
Also, the Horizons Marijuana Life Sciences Index ETF (HMMJ), which tracks the North American Medical Marijuana Index, fell by 6.1% last week, while the ETFMG Alternative Harvest ETF (MJ) declined by 5.8%.
Curaleaf Holdings (CURLF) was a top performer last week with a rise of 4.6% from its December 7 closing price. The positivity surrounding the company’s announcement last week of initiating a $50 million program to buy back its subordinated voting shares appears to have led to an increase in its stock price. Curaleaf was followed by MedMen Enterprises (MMNFF) and iAnthus Capital Holdings (ITHUF) with returns of 2.1% and 0.4%, respectively.
Also, during the week, the stock prices of VIVO Cannabis (VVCIF), Green Organic Dutchman Holdings (TGODF), Origin Agritech (SEED), and Trulieve Cannabis (TCNNF) declined by 9.2%, 6.3%, 5.4%, and 4.3%, respectively.
Overall market performance
The weakness in the broader equity markets also contributed to the decline in cannabis stocks. Last week, the S&P 500 and the TSE 300 Index fell by 1.3% and 1.4%, respectively.