Cannabis Stock Watchlist: Canopy, Tilray Move on Report, Merger
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Cannabis stocks were mixed last week, with some stocks rising afterwards Amazon (AMZN) – Get the report supported passed a federal law legalizing marijuana, saying it would stop looking for marijuana for a position not regulated by the Department of Transportation.
The ETFMG Alternative Harvest ETF (MJ) – Get the report down 2.3% last week.
Tree canopy growth | 1.2% rejected
Shares in Canopy Growth (CGC) – Get the report were volatile last week, responding to both the Amazon news and his own release of results. Canopy Growth reported a loss of $ 1.85 per share for the fourth quarter, half of its loss of $ 3.72 per share in the year-ago quarter. Revenue rose 45% to $ 167.4 million ($ 139.1 million), beating Wall Street’s consensus forecast of $ 152 million.
Tilray | 12% increased
Tilray (TLRY) – Get the report jumped last week. Analysts at Cantor Fitzgerald has appreciated the stock after the merger with the Canadian peer company Aphria (EXACTLY HERE) – Get the report closed. The investment firm upgraded Tilray from neutral to overweight and lowered its price target from $ 30.25 to $ 22 per share.
Cronos Group | 4.5% reduced
Cronos (CRON) – Get the report said late last week that it is amending an agreement with Ginkgo Bioworks to commercialize cultured cannabinoids on a large scale faster. The company will issue up to 14.7 million common shares of Ginkgo once it can show progress and meet a final productivity target by September 2021.
Green thumb industries | 1.6% increased
Green thumb industries (GTBIF) Shares rose last week after the company completed the acquisition of Liberty Compassion, the Boston-based medical cannabis grower and retailer. As part of the deal, the company will acquire two operational medical cannabis dispensaries in Boston and West Springfield.
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