Cannabis sector rises
Today, the overall cannabis sector—represented by the Horizons Marijuana Life Sciences ETF (HMMJ)—was trading in positive territory with a gain of about 1.63%, and the ETFMJ Alternative Harvest ETF (MJ) was up about 1.1% at around noon.
The stocks appear to have gotten a lift from coverage initiation at Cowen of Aurora Cannabis (ACB) and Cronos Group (CRON). Both stocks were trading higher, by about 7% and 4% in the US market, respectively. OrganiGram (OGRMF) also continued to trade higher in the first half of the day with a gain of about 2.6%, and Tilray (TLRY) moved up 1.2%. Canopy Growth (WEED)(CGC) rose about 1.3%.
While these major cannabis stocks were trading higher, CannTrust (CTST) was trading nearly 2.2% lower at around noon, and HEXO (HEXO) was also in the red, with its stock trading nearly 1.4% down. Aphria (APHA) was trading in the red as well with a decline of about 0.6%, and KushCo (KSHB) declined about 0.1%.
The cannabis industry is just taking shape in Canada, and increasingly, the United States is also seeing marijuana proponents push for legalization. See why 2020 US presidential candidate Cory Booker wants to legalize marijuana.