Cannabis Central: Sector Continues To Collapse; Down Another 5.5% Last Week
Cannabis stocks continued their relentless decline to the elusive market bottom and are now down 65.2% from their March 18, 2019, peak, down 16.8% in the past 4 weeks and down 5.5% last week. This post identifies 6 stocks that experienced double-digit moves, either up or down, last week and outlines the reasons why.
The cannabis market consists of 319 publicly-traded companies of which the vast majority trade for less than $1/share and it is acknowledged that even small changes in the price can have a very large affect on the percentage change. Because of the aforementioned, this post only highlights those stocks that are currently trading above $1/share. (Source of data below)
Canada
The USA & International
Last Week's Most Significant Winners & Losers
- The Valens Company (TSXV: VLNS; OTCQX: VLNCF) +10%
- the stock traded up based on improved market sentiment for companies supplying the cannabis accessories market.
- Green Thumb Industries Inc. (CSE: GTII; OTCQX: GTBIF) -13%
- entered into a sale-leaseback transaction for US$7.2M with Innovative Industrial Properties (NYSE: IIPR) for a processing facility in Toledo, Ohio
- Canopy Growth Corporation (NYSE: CGC; TSX: WEED) -13%
- stock responded negatively to a short report circulating privately alleging that the company failed to address counter-party purchase obligations.
- Harvest Health & Recreation Inc. (CSE: HARV; OTCQX: HRVSF) -12%
- announced that senior management had surrendered 2.4M equity options to Harvest for redistribution to eligible employees "to recognize both the accomplishments of the past year and the expected commitment to achieving profitability ahead" and, as part of the redistribution, the company will receive a non-cash charge of $10M during the first quarter of 2020.
- Cresco Labs Inc. (CSE: CL; OTCQX: CRLBF) -11%
- closed a non-brokered credit agreement for a senior secured term loan in an initial aggregate principal amount of US$100 million, with a mutual option to increase the size of the facility to a maximum of US$200 million.
- Aurora Cannabis Inc. (TSX: ACB; NYSE: ACB) -10%
- announced the resignation of CEO Terry Booth and appointment of Michael Singer, Executive Chairman, as Interim CEO, effective immediately.
This article discusses small-, micro- and nano-cap stocks so do your own careful due diligence. Visit munKNEE.com (A ...
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