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Checking On Canopy Growth and Its Peers

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Dec. 4 2020, Updated 10:51 a.m. ET

Canopy Growth sees a fall

On April 30, Canopy Growth (WEED) (CGC) was down 2.8% as of midday after managing to gain an impressive 21% on its announcement of its deal to acquire Acreage Holdings, a US-based company.

Canopy Growth is one of the strongest players in the cannabis industry with a market cap of ~24 billion Canadian dollars.

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Peers’ performances

Aurora Cannabis (ACB), on the other hand, was up 0.7% as of around noon. Aurora Cannabis’s market cap is almost half of Canopy Growth’s at ~12.4 billion Canadian dollars.

While the overall cannabis sector represented by the Horizons Marijuana Life Sciences ETF (HMMJ) had fallen 1.2% as of noon on April 30, a few stocks other than Aurora Cannabis were also in the green. These included OrganiGram (OGRMF), which was up 3.8%, and Supreme Cannabis (SPRWF), which was up ~0.7% as of around the same time. Aphria (APHA) was also trading in positive territory today with a gain of 1% at around noon, while Cronos Group (CRON) was almost flat.

The cannabis sector’s valuation is trading at a historical two-year low after many sector players experienced sell-offs in April. Valuations for some of the above stocks remain a concern. To learn more, read Valuation Updates for CGC, ACB, TLRY, and Others.

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