Last week, Cronos Group (CRON) ended in the negative territory. Cronos Group had a weekly decline of 7.4%, which was in line with the broader sectoral weakness. The Horizons Marijuana Life Sciences ETF (HMMJ) fell ~4.4%, while the ETFMG Alternative Harvest ETF (MJ) fell 3.3%.
Sign up for Bagels & Stox, our witty take on the top market and investment news, straight to your inbox! Whether you’re a serious investor or just want to be informed, Bagels & Stox will be your favorite email.
CannTrust (CTST) fell ~6.4% last week—a continuation of the sell-off since the stock reported its earnings. Supreme Cannabis (SPRWF) stock fell 5.6%, while HEXO (HEXO) fell 5.4% in the week ending April 12.
Innovative Industrial Properties (IIPR) rose ~2.6%, while Emerald Health rose 0.15% last week.
Investors seemed particularly disappointed after cannabis stocks missed the earnings expectations. The developments in the US were still slow. The US market is expected to boost Canadian cannabis companies if it legalizes cannabis at a federal level. However, there aren’t signs of that happening anytime soon. Read What’s Attorney General Barr’s Take on Marijuana Legalization? to learn more.