E Despite Major Volatility, Pot Stocks Went Up Last Week

Despite the major volatility in the cannabis sector (see here) the munKNEE Pure-Play Pot Stock Index still went up last week.

Index Performance

The criteria for being included in the munKNEE Pure-Play Pot Stock Index is that the stock is consistently trading for a minimum of US$1/share and generates 100% of its revenue directly from the sale of cannabis products.

Generally speaking, the major surge in the price of marijuana stocks is based on the anticipation that, with the Democrats winning the two Senate seats in Georgia giving them a majority in the Senate, favorable Federal marijuana legislation will be passed allowing the Canadian marijuana companies access to the large American market.

The above being said, the Reddit forum WallStreetBets has turned its attention to the sector, which brought major volatility to the sector.

The Canadian Licensed Producer (LP) Category went up 1.9% last week with 5 of the 9 stocks within the category advancing of which 3 did by +10%, as follows:

  1. Organigram (OGI): +60.3% to $3.75/share
  2. Rubicon (ROMJF): +21.5% to $3.05/share
  3. Tilray (TLRY): +12.8% to $29.00/share

Cronos, Aphria, Aurora, Valens, Hexo and Canopy changed prices over the past week by +2.2%, +1.6%, -2,5%, -3.3%, -4.6% and -6.1% respectively.

The U.SMulti-State Operator (MSOs) Category went up 5.0% (adjusted) last week with 9 of the 20 constituents in the category advancing of which 4 did so by +10%, namely:

  1. C21 Investments (CXXIF): +35.5% to $1.87/share
  2. Planet 13 (PLNHF): +20.7% to $7.42/share
  3. Indus (INDXF): +14.4% to $1.51/share
  4. Charlotte's Web (CWBHF): +10.1% to $5.45/share

Green Thumb, Cresco, Ayr, TerrAscend and Curaleaf went up 9.8%, 8.2%, 6.6%, 6.4% and 6.2% respectively, while Medicine Man, Vireo Health and Columbia went down in excess of 5% by 9.7%, 7.2% and 5.7%, respectively. At the close of business on February 11th IM Cannabis consolidated its issued and outstanding common shares on the basis of one (1) post-consolidation common shares for every four (4) pre-consolidation common shares. As such the pre-consolidation price for its stock would have been $2.045/share representing an increase on a comparative basis of +4.6% for the week as opposed to a 317.3% increase (to $8.18) based on the the post-consolidation price. 8 other MSOs went up or down in price by 5% or less.

1 2
View single page >> |

Visit  munKNEE.com and register to receive our free Market Intelligence Report newsletter (sample  more

How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.