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What’s Driving Cannabis Stocks Today?

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Boosted by the strong performance from the broader equity market, the cannabis sector was trading in the green today. At 12:17 PM ET, the Horizons Marijuana Life Sciences Index ETF (HMMJ) was trading 0.7% higher. Plus, the ETFMG Alternative Harvest ETF (MJ) was trading up 0.2% at 12:32 PM ET. At the same time, the S&P 500 Index was trading 0.5% higher. Let’s look at the cannabis stocks that are in the news today.

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CURA rises over 5%

Today, Curaleaf Holdings (CURA)(CURLF) announced that Massachusetts Cannabis Control Commission approved the opening of an adult-use cannabis dispensary in Cape Cod. The company announced that it would work with the commission to schedule post-final inspections, and it expects to open the dispensary early next year.

Plus, Curaleaf plans to open another adult-use cannabis dispensary in Ware, Massachusetts, next year. At 12:19 PM ET today, the company was trading 5.3% higher. Curaleaf is one of the few marijuana stocks that have delivered positive returns this year. Year-to-date, the company’s stock has increased by 7.4% through December 19. 

GTII to open a new cannabis store

Today, Green Thumb Industries (GTI)(GTBIF) announced that it would open its first cannabis store, BluePoint Wellness, in Westport, Connecticut. The new store would increase the company’s total store count in the US to 38. The company entered Connecticut in January through the acquisition of Advanced Grow Labs.

Today, the company was trading 0.5% higher at 12:20 PM ET. Year-to-date, the company has lost 4.6% of its stock value through December 19.

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AltaCorp Capital initiated coverage on ACB

Yesterday, Cantech Letter reported that AltaCorp Capital initiated coverage on Aurora Cannabis from December 18. David Kideckel of AltaCorp Capital gave the stock a “sector perform” rating with a price target of 5.00 Canadian dollars.

Despite the near-term weakness, Kideckel is optimistic about Aurora’s long-term prospects. He expects the launch of cannabis-derived products, growth in medical cannabis sales, and hemp-derived CBD products to drive Aurora’s growth.

Today, the company was trading 1.7% higher at 12:27 PM ET. Year-to-date, Aurora Cannabis stock has lost 56.2% of its value through December 19.

MedMen rises over 7.0%

Today, MedMen Enterprises (MMNFF) was trading 7.4% higher at 12:14 PM ET. The stock has been on an upward trend since it provided its guidance for fiscal 2020 and fiscal 2021, It also updated its financing and corporate governance on December 11. For more detail, read Why MedMen Stock Rose More than 24% on Thursday.

Since the announcement of its management guidance, MedMen stock has increased by 42.1% through yesterday. Year-to-date, the company has lost 79% of its stock value.

For more cannabis-related news, visit 420 Investor Daily.

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