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APHA and CRON Gain amid Cannabis Sector Weakness

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The gainers

The Horizons Marijuana Life Sciences ETF (HMMJ) was broadly lower around midday, declining 0.78%, and the ETFMG Alternative Harvest ETF (MJ) declined 0.48% around the same time, but the two stocks were inching higher around noon ET on April 4.

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CRON and APHA gain

Cronos Group (CRON) was trading higher today by about 0.57% around noon while Aphria (APHA) was also not far behind, trading up 0.5%. Green Thumb Industries was another stock in the green. It was trading slightly higher, by about 0.1% in the first half of April 4.

The cannabis sector got a major boost in January this year. As a result, Aurora Cannabis (ACB), HEXO (HEXO), OrganiGram (OGRMF), and other cannabis companies managed to deliver strong year-to-date returns so far this year.

Cannabis companies’ highly anticipated earnings results in March largely disappointed. Since then, the cannabis sector has moved sideways. Fundamentally, however, ongoing developments are taking place each day. Just this week, Ontario opened its first cannabis retail stores, and Aurora Cannabis (ACB) filed a shelf prospectus to make a provision to raise $750 million this week.

Developments are also taking place in the United States. Check out Georgia Moves Closer to Legalizing Marijuana.

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