Breaking the losing streak

Cannabis stocks have recently experienced weakness amid concerns surrounding a global slowdown and companies missing their earnings expectations. Nonetheless, the market saw some optimism after Canopy Growth (WEED) was added to the S&P/TSX 60 Index.

Among the gainers on the morning of April 12 were Aphria (APHA), which was up ~2% as of around noon, and CannTrust (CTST), which was up ~1.1% as of around the same time.

APHA, CTST, KSHB, and HEXO Gain to Break Their Losing Streaks

KSHB gains on earnings

KushCo Holdings (KSHB) also rose in the first half of the day, with its stock up ~3.6%. KushCo reported its fiscal 2019 second-quarter earnings results on April 11 and announced impressive top line growth of 240% year-over-year, but this growth failed to trickle down to the company’s bottom line. The company reported EPS of -$0.10 during the quarter compared to -$0.12 in the corresponding quarter a year ago.

HEXO (HEXO) was another stock that gained this morning with a rise of 1.3%, while Tilray (TLRY) rose ~0.32%. The Horizons Marijuana Life Sciences ETF (HMMJ) rose ~0.53%, while the ETFMG Alternative Harvest ETF (MJ) rose ~0.83% this morning.

The underperformers

While most cannabis stocks gained this morning, there were some underperformers. Slang Worldwide (SLNG) emerged as the worst performer, with its stock falling ~7.3%, followed by Innovative Industrial Properties (IIPR), which fell ~0.55%, and Aurora Cannabis (ACB), which fell 0.3%.

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