From September 1, the US imposed its new 15% tariff on various Chinese goods. In retaliation, China also levied new tariffs on goods imported from the US. The new tariffs led the broader equity market to trade in the red today. At 2:00 PM, the S&P 500 Index was down 1.0%. However, the cannabis sector, which took a beating on August 30, was trading in the green. The ETFMG Alternative Harvest ETF (MJ) and the Horizons Marijuana Life Sciences Index ETF (HMMJ) were up 0.5% and 0.4%, respectively.
Innovative Industrial Properties trades in the green
After falling over 14% on August 30, Innovative Industrial Properties (IIPR) recovered some of its losses. At 1:00 PM today, the stock was up 1.0%. As of August 30, it was trading 129.7% higher than its 52-week low of $38.82 and 36.1% lower than its 52-week high of $139.53. YTD, the stock has risen 96.4%. It posted its second-quarter earnings results on August 8. In the quarter, it outperformed analysts’ revenue estimates, and its EPS came in line with expectations.
Cronos Group was trading in the red
After falling over 19.2% in August, Cronos Group (CRON) continued to trade in the red today. At 2:00 PM, the company was down 1.0%. Today, Cowen and Company lowered its price target for CRON from 21 Canadian dollars to 17 Canadian dollars. This new price target represents a potential upside of 15.7% from its price of 14.69 on August 30. Cowen’s lowering of its price target appears to have led to a fall in CRON’s stock price.
On August 8, Cronos Group reported its second-quarter earnings results. In the quarter, the company reported better-than-expected second-quarter sales. However, its operating losses were higher than expected. Higher operating losses and the regulatory issues in the cannabis sector led to a fall in Cronos’s stock price last month.
Curaleaf up 6%
Today, Curaleaf Holdings (CURA) (CURLF) opened its 26th dispensary in Florida at Port Charlotte. Curaleaf currently operates 49 dispensaries across the US. The opening of the new dispensary appears to have led to a rise in the company’s stock price. At 2:00 PM, Curaleaf was up 6.2%.
On August 27, Curaleaf reported its second-quarter earnings results. The company missed both analysts’ revenue and EPS expectations. However, its management set a bullish outlook, which led to the rise in its price.