- HMMJ 5.4%, HMJR up 6.7%, and MJ up 3.6%.
- Citron blasts Cronos with $3.50 target price.
- Nova Scotia picks 14 cannabis suppliers.
- Canadians spent C$5.7 billion on cannabis.
Last week, the Horizons Marijuana Life Sciences Index ETF (OTC:HMLSF) gained another 5.4% after last week’s 22% gain and closed at C$21.35. The Horizons Emerging Marijuana Growers Index ETF (OTCPK:HZEMF) which tracks smaller growers rose another 6.7% to close at C$8.71. The U.S.-listed ETFMG Alternative Harvest ETF (MJ) ended the week up 3.6% at US$33.48.
The key takeaway from last week among the large-cap names is that companies continue to exhibit diverging performances. Canopy (CGC), Aurora (OTCQX:ACBFF), Cronos (CRON), and Hydropothecary (OTCPK:HYYDF) all ended the week essentially flat. The outperformers last week were Tilray (TLRY) and Aphria (OTCQB:APHQF), which gained 49% and 21%, respectively. Tilray continued to defy gravity amid rampant speculation and a successful IPO that delivered more than a 280% return based on its IPO price of $17.00. Aphria stock started to heat up after months of underperformance since the Nuuvera scandal.