Cannabis Stocks Rebounded at the End of Last Week

In the week ending June 7, cannabis stocks ended the week on a positive note with a rebound. The sector experienced weakness in May for the most part. The ETFMG Alternative Harvest ETF (MJ) ended the week 3.4% higher. We’ll discuss the biggest gainers last week.

Last week, among the cannabis peers in the above chart, Innovative Industrial Properties (IIPR) emerged as the biggest gainer with an increase of 13.3%. The stock is tied to the REIT related to the cannabis sector in the US. KushCo Holdings (KSHB) gained ~9.8% last week. Both of these stocks have high exposure to the US, unlike their Canadian counterparts. Green Thumb Industries (GTBIF), which also has high US exposure, fell nearly 8.1% last week.

Last week, Supreme Cannabis (SPRWF) rose 7.4%, while Tilray (TLRY) rose ~2.1% during the same period. Among cannabis peers, Tilray was one of the weakest with a YTD loss of ~45%. The stock has been on a declining trend since the beginning of this year.

Two other stocks that ended in the red, as indicated in the above chart, are HEXO (HEXO) and Emerald Health (EMHTF). HEXO fell 1.9%, while Emerald Health (EMHTF) fell 6.9% during the same period.