The overall cannabis sector climbed higher today as of 1:20 PM ET. The Horizons Marijuana Life Sciences ETF (HMMJ) gained as much as 2.2%, and the ETFMG Alternative Harvest ETF (MJ) gained about 1.4%.
The cannabis sector got some positive affirmation after Jefferies initiated coverage of five cannabis stocks. The stocks that emerged as the top gainers today include OrganiGram (OGRMF), which gained about 8.2%, followed by Cronos Group (CRON), which gained nearly 7.7% at around 1:20 PM ET.
Tilray (TLRY) was also gaining today. The stock rose nearly 3.8% at 1:25 PM ET and is continuing its upward trajectory.
But not every cannabis stock gained. CannTrust (CTST) began trading on the NYSE just yesterday, and it was trading about 5.7% lower. Slang Worldwide was down about 3.6%.
Recently, Warren Buffet released his annual shareholders letter but made no mention of cannabis stocks. Read why in Cannabis Stocks Missing from Warren Buffet’s Letter. Also get the most recent updates on valuations for cannabis stocks in Key for Investors: Watching Cannabis Sector Valuations.