Cannabis stocks gain
Peers move higher
HEXO and CTST’s peers were also moving higher in the first half today—including Aphria (APHA), which gained after receiving its fifth cultivation licence in Germany. The license should help in developing the country’s medical cannabis business.
Green Thumb Industries (GTBIF) and Emerald Health (EMHTF) were also making positive moves today with a daily gain of 0.46% and 0.27%, respectively. The ETFMG Alternative Harvest ETF was up by nearly 1.6% at 12:05 PM ET.
Tilray (TLRY), after experiencing weakness after its earnings release last week, was also trading higher today. The stock gained nearly 0.88% around noon ET.
The cannabis sector remains one of the best-performing sectors with returns above 30% for the benchmark Horizons Marijuana Life Sciences ETF (HMMJ). The sector has also managed to outperform the broader-market S&P 500 Index and TSX Composite Index.
Investors, however, have remained cautious—as you can see from the lack of enthusiasm in the sector since March.