Despite several big news items out of the industry this week, cannabis stocks posted mixed performances.
Over the last five trading days — including last Friday, since markets were closed on Monday:
- The ETFMG Alternative Harvest ETF (NYSE:MJ): gained 1.5%.
- The AdvisorShares Pure Cannabis ETF (NYSE:YOLO): was up 1.9%.
- The Cannabis ETF (NYSE:THCX): lost 1%.
- The Amplify Seymour Cannabis ETF (NYSE:CNBS): fell 2.2%.
- The SPDR S&P 500 ETF Trust (NYSE:SPY) was down 0.6%.
Verano Holdings Corp. (CSE:VRNO) started trading on the CSE after completing its merger with AltMed, delivering a solid performance.
Commenting on the IPO, Green Market Report editor-in-chief Debra Borchardt told Benzinga that the market has shown “there is still a strong appetite” for MSOs.
“The price of the stock quickly shot up from C$10 to C$30,” Borchardt said. “Verano’s combination with AltMed is going to make this company a strong competitor and now that it’s a publicly-traded company it has quickly jumped to the head of the class.”
Meanwhile, Tilray Inc. (NASDAQ:TLRY) reported strong fourth-quarter results, with meaningful revenue growth and margin expansion. However, analysts remained on the sidelines.
- Michael Lavery of Piper Sandler downgraded the rating from Overweight to Neutral, while raising the price target from $15 to $26.
- Scott Fortune of Roth Capital Partners maintained a Neutral rating, while raising the price target to $25.
- Pablo Zuanic of Cantor…
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Despite several big news items out of the industry this week, cannabis stocks posted mixed performances.
Over the last five trading days — including last Friday, since markets were closed on Monday:
- The ETFMG Alternative Harvest ETF (NYSE:MJ): gained 1.5%.
- The AdvisorShares Pure Cannabis ETF (NYSE:YOLO): was up 1.9%.
- The Cannabis ETF (NYSE:THCX): lost 1%.
- The Amplify Seymour Cannabis ETF (NYSE:CNBS): fell 2.2%.
- The SPDR S&P 500 ETF Trust (NYSE:SPY) was down 0.6%.
Verano Holdings Corp. (CSE:VRNO) started trading on the CSE after completing its merger with AltMed, delivering a solid performance.
Commenting on the IPO, Green Market Report editor-in-chief Debra Borchardt told Benzinga that the market has shown “there is still a strong appetite” for MSOs.
“The price of the stock quickly shot up from C$10 to C$30,” Borchardt said. “Verano’s combination with AltMed is going to make this company a strong competitor and now that it’s a publicly-traded company it has quickly jumped to the head of the class.”
Meanwhile, Tilray Inc. (NASDAQ:TLRY) reported strong fourth-quarter results, with meaningful revenue growth and margin expansion. However, analysts remained on the sidelines.
- Michael Lavery of Piper Sandler downgraded the rating from Overweight to Neutral, while raising the price target from $15 to $26.
- Scott Fortune of Roth Capital Partners maintained a Neutral rating, while raising the price target to $25.
- Pablo Zuanic of Cantor…
