We’re eight days into March and analysts are already changing some of their ratings for key cannabis stocks. Recently, Cowen initiated coverage on Aurora Cannabis (ACB) and Cronos Group (CRON). Both of the stocks saw an increase in their stock price, as you can see in the following chart.
Weak in March
With cannabis stocks falling on March 7, Aurora Cannabis and Cronos Group gave up some of the gains after the pop. In March, both of these stocks have returned 2.8% and 5.2%, respectively. Aphria (APHA) delivered negative returns of 5.4% in March.
When we step back and look at how cannabis stocks have held up since the beginning of 2019, all three stocks have delivered an impressive return. Aphria has delivered a 58% return YTD (year-to-date) as of March 7, Aurora Cannabis has returned ~43% YTD. Cronos Group has returned ~94% after taking into account the fall on March 7.
Read Canopy Growth: When Will Sales Hit One Billion Canadian Dollars? to learn more.