Hype In Cannabis Stocks Has Waned: Down 7%, On Average, This Week

An Introduction

A week ago yesterday (Friday, August 16th) a rumor began circulating stemming from an anonymous source at the DEA that the rescheduling of cannabis from that of a Schedule I drug to a less stringently regulated Schedule III drug, would be done prior to October. The American MSO market and the Canadian LP market jumped 3.7% and 2.9%, respectively, on the day based on this news. Unfortunately, however, the hype of the rumor waned during the week just ended, going down 6.6%, on average. So much for investing based on a rumor!

This article separately highlights the price changes in the 7 largest American Multi-State Operators (MSOs) and 5 largest Canadian Licensed Producers (LPs) this week, in descending order, and MTD.

The munKNEE Canadian Cannabis LP Portfolio

Tilray Brands (TLRY):
- down 0.5% this week;
- down 4.9% MTD
Organigram (OGI):
- down 2.4% this week;
- up 20.2% MTD (largely in response to its revenue and earnings report on 8/13)
Cronos Group (CRON):
- down 4.5% this week;
- down 4.5% MTD
Aurora Cannabis (ACB):
- down 6.7% this week;
- up 5.9% MTD
Canopy Growth (CGC):
- down 11.8% this week;
- down 18.3% MTD
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The Canadian Cannabis LP Portfolio was down 7.2% this week, is now down 4.5% MTD (but is still up 20.9% YTD).

Below are how the 7 constituents in the American Cannabis MSO Portfolio performed this week, in descending order, and MTD.

The munKNEE American Cannabis MSO Portfolio

Curaleaf (CURLF):
- No change this week;
- down 19.8% MTD
Green Thumb (GTBIF):
- down 5.0% this week;
- down 5.4% MTD
Trulieve Cannabis (TCNNF):
- down 5.9% this week;
- down 5.0% MTD
Verano (VRNOF):
- down 8.5% this week;
- down 1.5% MTD
Cresco Labs (CRLBF):
- down 10.0% this week;
- up 12.5% MTD
Ayr Wellness (AYRWF):
- down 10.5% this week;
- down 12.6% MTD
TerrAscend (TSNDF):
- down 14.5% this week;
- up 5.0% MTD
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