Despite the weakness in the broader equity market last week, with the S&P 500 Index falling 0.8%, most cannabis stocks delivered positive returns. From March 15 to March 22, Acreage Holdings (ACRG-U) (ACRGF), Trulieve Cannabis (TCNNF) (TRUL), MedMen Enterprises (MMEN) (MMNFF), and iAnthus Capital Holdings (IAN) (ITHUF) delivered double-digit returns.
During the period, Acreage’s stock price rose 15.3%, followed by Trulieve with a return of 12.5%. Last week, Trulieve announced that it would sell smokable cannabis from all 26 of its dispensaries in Florida. The announcement appears to have led to a rise in the company’s stock price.
Trulieve was followed by MedMen Enterprises (MMEN) (MMNFF), and iAnthus Capital Holdings (IAN) (ITHUF), which delivered returns of 11.6% and 10.2%, respectively. On March 22, MedMen announced that it had signed an agreement with Gotham Green Partners for securing a convertible credit facility of up to $250 million. The announcement appears to have contributed to a rise in the company’s stock price.
Of the nine cannabis companies we considered for our analysis, only Wayland Group (WAYL) (MRRCF) delivered negative returns. Its stock fell 9.3% last week.