Last week, cannabis ETFs extended their losses, and they’ve now fallen for four consecutive weeks. Broader US markets have also come under pressure amid the US-China trade war. Let’s look at cannabis ETFs. The ETFMG Alternate Harvest ETF (MJ) lost 0.7% last week while the Horizons Marijuana Life Sciences ETF (HMMJ) fell 0.3%.
Emerald Health Therapeutics (EMH) and Green Organic Dutchman Holdings (TGOD) closed in the green last week, gaining 3.0% and 3.1%, respectively. Harvest Health and Recreation (HRVSF), Village Farms International (VFF), GW Pharmaceuticals (GWPH), and Greenlane Holdings (GNLN) lost 1.3%, 1.0%, 4.9%, and 2.0%, respectively. Greenlane Holdings is trading 10.5% below its IPO price.
Last week, Village Farms International announced “conversion of half of its 1.3 million square foot, ultra-high-tech Permian Basin greenhouse (which utilizes the Company’s proprietary GATES® technology) for both cultivation of high-cannabidiol (CBD) hemp and CBD extraction.” The company released its earnings earlier this month and reported revenues of $31.9 million in the first quarter, compared to $29.5 million in the first quarter of 2018.
Charlotte’s Web Holdings (CWBHF) and Cresco Labs (CRLBF) saw negative price action of 7.4% and 7.6%, respectively, last week. Both companies are scheduled to release their first-quarter earnings this week. See Charlotte’s Web Holdings’ Preliminary Q1 Results for more analysis
Zynerba Pharmaceuticals (ZYNE) saw one of the biggest losses in the cannabis space, down 14.8% last week. The stock had been up 21.3% during the previous week.