What happened
Buoyed by an optimistic research note from a prominent analyst, a clutch of notable marijuana stocks saw their share prices rise nicely on the first trading day of 2021.
Tilray (NASDAQ:TLRY) and HEXO (NYSE:HEXO) were among those winners, with gains of nearly 9%. Meanwhile, cannabidiol (CBD) specialist Charlotte’s Web Holdings (OTC:CWBHF) enjoyed an 11% pop.
Image source: Getty Images.
So what
The rally seems to have been triggered by analyst Andrew Partheniou of Stifel.
Like many weed industry observers, Partheniou has become more bullish due to what is becoming a more favorable regulatory environment in the U.S. — a particularly tempting market for Canadian companies like Tilray and HEXO. Such businesses are prohibited from exporting to the U.S. at the moment, since marijuana is still illegal at the federal level.
While Charlotte’s Web sells CBD products (and is based in the U.S. already), it is lumped into the marijuana stock category, and its performance often tracks its peers.
Now what
Partheniou wrote in a new analysis that marijuana companies “are now reporting positive net income, with some achieving free cash flow and a slew of catalysts in 2021 to accelerate…
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What happened
Buoyed by an optimistic research note from a prominent analyst, a clutch of notable marijuana stocks saw their share prices rise nicely on the first trading day of 2021.
Tilray (NASDAQ:TLRY) and HEXO (NYSE:HEXO) were among those winners, with gains of nearly 9%. Meanwhile, cannabidiol (CBD) specialist Charlotte’s Web Holdings (OTC:CWBHF) enjoyed an 11% pop.
Image source: Getty Images.
So what
The rally seems to have been triggered by analyst Andrew Partheniou of Stifel.
Like many weed industry observers, Partheniou has become more bullish due to what is becoming a more favorable regulatory environment in the U.S. — a particularly tempting market for Canadian companies like Tilray and HEXO. Such businesses are prohibited from exporting to the U.S. at the moment, since marijuana is still illegal at the federal level.
While Charlotte’s Web sells CBD products (and is based in the U.S. already), it is lumped into the marijuana stock category, and its performance often tracks its peers.
Now what
Partheniou wrote in a new analysis that marijuana companies “are now reporting positive net income, with some achieving free cash flow and a slew of catalysts in 2021 to accelerate…
