The cannabis sector showed some weakness last week, and the Horizons Marijuana Life Sciences ETF (HMMJ) lost 3.0% while the ETFMG Alternate Harvest ETF (MJ) lost 3.4%. Charlotte’s Web Holdings (CWBHF) and Aleafia (ALEF) gained 4.5% and 5.9%, respectively. Village Farms International (VFF) lost 10.4%.
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Emerald Health Therapeutics (EMH), Green Organic Dutchman Holdings (TGOD), Supreme Cannabis Company (FIRE), and PharmaCielo (PCLO) lost 13.3%, 6.9%, 3.5%, 10.7%, respectively, last week. INSYS Therapeutics (INSY), Cara Therapeutics (CARA), and Arena Pharmaceuticals (ARNA) saw negative price action of 8.0%, 3.2%, and 7.1%, respectively.
Last week, Greenlane Holdings (GNLN) listed in the US market. The company priced its IPO at $17 per share and soared almost a quarter after listing on Thursday. It raised $102 million through the IPO.
In an interview with Yahoo Finance, Greenlane CEO Aaron LoCascio said the company is competing in the cannabis market, liquid nicotine market, and the CBD (Cannabidiol) market. He also sounded positive about vaping. The company owns VaporNation.com and VapeWorld.com.
We also saw a new cannabis ETF listing last week. The AdvisorShares Pure Cannabis ETF started trading on April 18 under the ticker YOLO. According to AdvisorShares, YOLO is “the first actively managed ETF with a dedicated cannabis investment mandate domiciled in the United States.” The cannabis sector has seen huge investor interest. Brokerages have also been increasingly covering cannabis stocks.