Following weakness in the broader equity market due to uncertainty about the outcome of the trade negotiations between the US and China and concerns about global economic growth, cannabis stocks fell last week. On March 1–8, the stock price of the Horizons Marijuana Life Sciences Index ETF (HMMJ) fell 2.6%, while the stock price of the ETFMG Alternative Harvest ETF (MJ) fell 3.9%. During the same period, the S&P Index fell 2.2%.
Cannabis stocks performance
All nine of the cannabis stocks considered for our analysis fell last week. Curaleaf Holdings (CURA) (CURLF), Acreage Holdings (ACRG-U) (ACRGF), and Planet 13 Holdings’ (PLTH) (PLNHF) stock prices witnessed a double-digit fall. Curaleaf fell 17.1%, while Acreage Holdings and Planet 13 Holdings fell 12.9% and 12.7%, respectively.
During the same period, iAnthus Capital Holdings (IAN) (ITHUF), MedMen Enterprises (MMEN) (MMNFF), Trulieve Cannabis (TCNNF), VIVO Cannabis (VVCIF), Green Organic Dutchman Holdings (TGOD) (TGODF), and Wayland Group’s (WAYL) (MRRCF) stock prices fell 8.2%, 6.9%, 4.7%, 2.9%, 2.7%, and 2.0%, respectively.
Last week, Green Organic Dutchman Holdings’ cultivation facility in Hamilton received organic certification from Pro-cert Organic Systems. VIVO Cannabis launched an integrated Canna Farms medical cannabis website. The announcements appear to have minimized the decline in the companies’ stock prices.