Cannabis stocks rebounded
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.