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SLNG, IIPR, and CTST Gain amid Sector Weakness

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Market weakness

The broader cannabis sector has traded largely in the negative so far on April 8 as investors have continued to be bearish.

The Horizons Marijuana Life Sciences ETF (HMMJ) has fallen ~1.9% as of midday, while the ETFMG Alternative Harvest ETF (MJ) has fallen nearly 1% as of around the same time.

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The gainers

While the cannabis market continued to slump, there were some gainers in the first half of the day. These stocks included Slang Worldwide (SLNG), which was up by nearly 10.2% as of around noon, Innovative Industrial Properties (IIPR), which was up ~1%, and CannTrust (CTST), which was up 1%.

Unlike CannTrust, IIPR doesn’t cultivate cannabis and is in the business of properties related to the cannabis industry. This difference sets it apart from other cannabis companies in terms of risk and growth prospects. In comparison, Canopy Growth (WEED) and Aurora Cannabis (ACB) fell ~2.3% and 2%, respectively, in the first half of the trading session on April 8. OrganiGram also had a negative first half, with its stock falling ~0.5% as of around noon.

KushCo Holdings (KSHB), which provides packaging solutions to the cannabis industry, was down 0.58% at around noon. KushCo is set to announce its earnings results later this week. It will be interesting to see what the company reports.

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