Cannabis sector mixed
The Horizons Marijuana Life Sciences ETF (HMMJ) was trading slightly lower, down 0.35% while the ETFMG Alternative Harvest ETF (MJ) was up just 0.8%. These movements indicated that the market was struggling to find a direction after Aurora Cannabis (ACB) and Tilray (TLRY) reported their earnings. Both companies reported bigger-than-expected losses during the quarter.
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While the market struggled to find a direction, some stocks were trading higher today. These include Innovative Industrial Properties (IIPR), which was up almost 3.8% around noon while OrganiGram (OGRMF) was trading up about 4%.
HEXO (HEXO), which has been one of the best cannabis stocks in the market with a return in excess of 100%, was also trading higher today with a daily gain of about 3% around noon. On the other hand, CannTrust (CTST)—which reported its earnings on May 14—held on to its positive momentum. The stock was trading 2% higher, and it has now gained nearly 9% since its earnings date.