E Cannabis Central: Pot Stock Sub-Index Components Continue Decline

The Canadian Licensed Producer (LP) component of the munKNEE Pure-Play Pot Stock Index has 9 constituents and they continued to decline across the board this past week ranging from -0.7% to -11.9% and averaging a full -8.6% drop on top of a -14.5% drop the previous week. 

LP Pure-Play Pot Stock Index Performance

The constituent declines last week were as follows, in descending order:

  1. Valens (VLNCF): -0.7% to $1.36/share 
    • Entered into an extraction and custom manufacturing agreement with Rubicon Organics.
    • Closed the acquisition of LYF Food Technologies Inc. for CDN$24.9 million payable on closing, plus approximately CDN$17.5 million in post-closing consideration subject to achieving certain earn-out EBITDA milestones. With this acquisition of LYF, Valens has accelerated its footprint in the edibles category, which is one of the fastest-growing segments of the Cannabis 2.0 and 3.0 markets.
  2. Rubicon (ROMJF-4.4% to $2.40/share 
    • Entered into an agreement with The Valens Company to provide organic certified extraction services.
  3. Canopy (CGC): -4.8% to $31.17/share
    • Entered the high-potential U.S. CBD beverage category with the launch of Quatreau, a premium ready-to-drink CBD-infused sparkling water. The stateside launch follows the successful 2020 rollout of Canopy Growth's CBD-infused beverages in Canada , where Quatreau is now the top-selling ready-to-drink CBD beverage.
  4. Hexo (HEXO): -8.2% to $6.42/share
    • Announced plans to release its financial results for the fiscal second quarter 2021, before market hours on March 18, 2021, as well as host a webcast for investors beginning at 8:30 a.m. EST.
  5. Aurora (ACB): -8.7% to $9.60/share 
    • No news of note
  6. Cronos (CRON): -9.5% to $9.48/share 
    • The stock is still reacting negatively to its recent Q4 financial results (see here) which reported a net loss of $112 million, or $0.31 per share, compared to the prior-year profit of $61.6 million and Q3 results which showed a net income of $68.5 million.
  7. Tilray (TLRY): -11.2% to $21.63/share
    • Q4 financial results (see here)
    • 12 analysts on Yahoo Finance have forecast price targets ranging from zero to $24.20 with an average price target of $10.97 per share
  8. Organigram (OGI): -11.6% to $2.68/share
    • Announced the launch of two new additions to the Company’s recreational cannabis product portfolio: SHRED Tropic Thunder Jar of Joints and Trailblazer SNAX Milk Chocolate Bars.
  9. Aphria (APHA): -11.9% to $15.71/share
    • Stifel analyst Andrew Carter increased the stock’s target price to $15.50, up from $9.80, and maintained a neutral rating on it.
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