Martha Stewart Gives Cannabis Stocks a Tailwind

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Cannabis stocks rise

Just as we were set to close the month, the cannabis sector got a tailwind with news of US icon Martha Stewart partnering with cannabis giant Canopy Growth (WEED)(CGC).

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The Horizons Marijuana Life Sciences ETF (HMMJ) gained nearly 1.4% while the ETFMG Alternative Sciences ETF (MJ) gained about 0.46% as of 12:28 PM ET.

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Cannabis stocks that were leading the gain include Canopy Growth (WEED)(CGC), which was up as much as 4.7% in the first half and is continuing its upward trajectory. The next big gainer was Tilray (TLRY), which gained nearly 3.4%. Aphria (APHA) was also among the gainers with a 3% gain, followed buy OrganiGram (OGRMF), which gained about 2.8%.

OrganiGram got a price target upgrade from PI Financial earlier this week. See what the consensus suggests at PI Financial Raised OrganiGram’s Target Price.

Stocks that were also in positive territory include Cronos Group (CRON), which gained 2.9%, followed by HEXO (HEXO), which was up about 1.2%. Aurora Cannabis (ACB) was trading nearly 0.71% higher.

The cannabis industry is just beginning its foray into the US market. New partnerships and deals should become more frequent as we head into the remaining part of this year. Several well-respected investment firms based in the United States have initiated coverage on the cannabis sector, which speaks volumes about what’s to come. Check out Why Jeffrey Gundlach May Be Wrong about Cannabis.

However, we caution investors to be careful with cannabis stocks, which have had higher volatility than the broader market.

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