For the trading week ended July 19, 2024, my proprietary Canadian Cannabis Company Index (MCCCI) was unchanged. The index consists of 14 stocks, many of which are among the most widely held holdings of the 3 ETFs (MJ, CNBS, and THCX) that I consider to be a reliable barometer of the Canadian cannabis sector. MCCCI's differentiated business model is both weighted and market capitalization-based because I believe that this approach best represents the current landscape of the Canadian cannabis sector. Now let us look at this week’s good, bad, and ugly stocks, shall we?

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Image Source: Pixabay

The Good

There were 2 stocks that increased by more than 10%, which is my metric for inclusion in this category: ROMJF + 17.7% and CGC +12.6%. Rubicon Organics Inc. is a 3^rd tier stock which I do not have no opinion on going forward. Canopy Growth Corporation is a member of the “Big 4” which I have previously stated I am bearish on long-term.

The Bad

There were no stocks that decreased by more than 10% (but less than 20%) which is my metric for inclusion in this category.

The Ugly

There were no stocks that decreased by 20% or more, which is my metric for inclusion in this category.

Valuation Metric Review

There was no change in the “Big 4” (2 of which increased).
 

Recap

There was no change in the relative strength index. 5 of the 14 MCCCI stocks increased but marginally. That all 3 aforementioned metrics (MCCCI, “Big 4,” and relative strength index) again underscores how moribund the sector is, and likely will continue to be,  unless or until there is some definitive resolution of cannabis classification. That being said, let us see how this volatile sector has performed at the same time next week, shall we?

Author’s Note: I hope that the resolution of my medical issues will enable me to continue with a weekly report.

More By This Author:

The Canadian Cannabis Report - 2024 YTD Review
The Canadian Cannabis Report - Monday June 17
The Canadian Cannabis Report - Monday, June 10