Today, President Donald Trump announced that a trade deal between the US and China could happen earlier than expected, reported CNBC. The announcement appears to have made investors excited, driving US equity markets. At 1:55 PM ET, the S&P 500 Index and the Dow Jones Industrial Average were up 0.4% and 0.6%, respectively. The ETFMG Alternative Harvest ETF (MJ) was up 0.6%, while the Horizons Marijuana Life Sciences Index ETF was down 0.6% as of the same time. Cannabis stocks’ performances were mixed.
Cannabis roundup: KushCo Holdings rises over 10%
This year, KushCo Holdings (KSHB) was down 57.2% as of September 24. The company earned 53.2% of its revenue from vapes in 2018. Growing concerns over vaping-related deaths appear to have led to a fall in the company’s stock. However, today, at 1:55 PM ET, KSHB was up 10.4% from its previous day’s closing price. On September 13, the company’s management reaffirmed its revenue guidance for fiscal 2019, which ended on August 31. They expect the company to report revenue in the range of $145 million–$150 million in the year.
Canopy Growth trades in the green
Today, at 1:55 PM ET, Canopy Growth (CGC) (WEED) was trading 2.3% higher than its previous day’s closing price. On September 23, CEO Mark Zekulin told CNBC that the company was ready to launch its vape products in Canada later this year. For more on Canopy’s plans, read Jim Cramer Discusses the Future of Canopy Growth. YTD, the company has lost 13.2% of its stock value as of September 24. Its weak fiscal 2020 first-quarter earnings appear to have led to a fall in its stock price. Read about analysts’ ratings and price targets for Canopy Growth in Canopy Growth: Analysts’ Target Price and Ratings.
CannTrust continues to fall
Today, CannTrust Holdings (CTST) (TRST) hit a new 52-week low of 1.50 Canadian dollars. At 1:55 PM ET, the company was trading at 1.53 Canadian dollars, down 3.2% from its previous day’s closing price. The company has been facing several noncompliance issues, which led Health Canada to suspend its license on September 17. All these issues have led the company’s stock to fall 76% this year as of September 24. For more on CannTrust’s fall, read CannTrust Stock Hits an All Time Low: What’s Next?
Curaleaf falls over 7.0%
As of September 24, Curaleaf Holdings (CURA) (CURLF) had returned 43.2% so far this year. The company’s second-quarter performance was weaker than expected. However, the company’s management has provided a bullish outlook for 2019. Also, the company’s recent acquisitions of Select and Grassroots Cannabis appear to have led to a rise in its stock price.
On September 12, Curaleaf introduced medical cannabis tablets in Florida. However, today at 1:55 PM ET, the company was down 7.8%. The weakness in the cannabis sector appears to have led to a fall in Curaleaf’s stock price. You can read about analysts’ ratings and price targets for Curaleaf in Curaleaf: Target Price and Valuation Multiple after Q2.