Cannabis stocks continued to soar in the past week. US operators of MSO dispensaries led the way. From Friday to Friday close, my portfolio was is up 16%.
Two cannabis stocks news events stood out. Seaport Global initiated bullish coverage of 12 cannabis stocks. These included US and Canadian operators, such as Canopy Growth, Aurora, and Hexo. And US stocks such as Curaleaf and Medmen.
This week in cannabis stocks also saw a major Canadian pension fund bought cannabis stocks of Aurora, Hexo and Aphria. And added on to their Canopy Growth holdings. Increased institutional investments in cannabis stocks is a key catalyst for higher stock prices and less volatility. But volatility is not going away soon.
And according to Alan Brochstein’s weekly email update, Trulieve, the biggest revenue earner of US cannabis stocks, moves from OTC to the NYSE next week. New ticker will be CTST. But I have not seen this reported elsewhere. My Google search for Trulieve CTST today drew a blank page.
Trulieve dominates medicinal dispensaries in Florida. And with 24 dispensaries, they control nearly 70% of the market. Lots of competition on the way, however, from Curaleaf, MedMen, Anchorage and others.
This Week in Cannabis Stocks (Hemp)
Hemp stocks of US operators, all down for the week after Canopy Growth and Tilray’s move on the US market, might be coming back. Notably Charlotte’s Web, which was up a bit after falling from over $15 to $13.45 in a week or so. More on the Hemp Wars in a future post.
I will post more about the top cannabis stocks on Monday. I’ll break them down by quarterly earnings, year-to-year growth, business type, and country in which they earned most of their revenue. And report on this week in cannabis stocks again next Saturday.
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