Stock performances

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.

Acreage Holdings and Trulieve Cannabis Posted Strong Performances

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.

During the same period, VIVO Cannabis (VIVO) (VVCIF), Green Organic Dutchman Holdings (TGOD) (TGODF), and Planet 13 Holdings (PLTH) (PLNHF) returned 5.0%, 4.6%, and 3.3%, respectively.

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.

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