Overall, the cannabis sector broadly ended in the positive territory for the week ending March 1—compared to the closing on February 22. The Horizons Marijuana Life Sciences ETF (HMMJ) rose nearly 4.6%, while the ETFMG Alternative Harvest ETF (MJ) rose ~1.6%. Let’s look at how some of the major cannabis stocks performed last week.
In the above chart, you can see that OrganiGram (OGRMF) emerged as the biggest gainer among other stocks with a weekly gain of 11.8%. Last week, the company announced that it will become one of the suppliers to Quebec. The company also received a target price upgrade. To learn more, read PI Financial Raised OrganiGram’s Target Price.
Aurora Cannabis (ACB) rose nearly 6.4% followed by Canopy Growth (WEED), which rose nearly 5.6%. Canopy Growth, which is Jim Cramer’s favorite, announced a partnership with the most popular US household name—Martha Stewart. The partnership gave Canopy Growth and other stocks a tailwind towards the end of last week.
Not all of the cannabis company rose last week. HEXO (HEXO) emerged as the biggest loss with a 3.2% weekly decline. Emerald Health fell 1.3%, while Cronos Group (CRON) and CannTrust (CNTTF) both fell ~1% last week.
To learn more, read Why Jeffrey Gundlach May Be Wrong About Cannabis.