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CGC, CRON, and GTBIF Reverse Their Falling Streaks on April 12

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Reversal

The cannabis sector has been under pressure in April, with major cannabis stocks delivering negative returns so far in the month. However, on the morning of April 12, the sentiment in the sector appeared to be lifted, with most cannabis companies trading in the positive territory.

The Horizons Marijuana Life Sciences ETF (HMMJ) had risen ~0.53%, while the ETFMG Alternative Harvest ETF (MJ) had risen ~0.83% as of around 11:45 AM EDT.

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CGC gains big

In the first half of the day, Canopy Growth (CGC) (WEED) was one of the biggest gainers in the sector, with its stock rising ~6% in the US exchange as of around noon. The stock was lifted by the announcement that it would be included in the S&P/TSX 60 Index, which is a big deal for a cannabis company.

Other stocks that were also making gains this morning included OrganiGram (OGRMF), which was up ~3.8% as of around noon, and Cronos Group (CRON), which wasn’t far behind with a gain of ~3.5% in the first half of the trading session.

Green Thumb Industries (GTBIF) also gained in the first half with an increase of ~2.3%. The current consensus analyst recommendation for Green Thumb is a “buy.” For more information on what analysts are saying about the company this month, read Green Thumb Industries: Analysts’ Views in April.

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