Cannabis stocks post wider gains, as sector tracker points to best week since election
Cannabis stocks were predominantly on Friday, putting the sector on track for a fifth straight gain and the best weekly performance since before the presidential election, amid signs of improving valuations given a more favorable regulatory climate . ETF Cannabis THCX,
rose 0.4% in afternoon trading and jumped 26.5% this week. Helping give the industry a boost this week are expectations that a Democratic majority in Congress and the Biden administration will pursue a program to federally legalize recreational marijuana, and Thursday’s merger deal. which valued GW Pharmaceuticals Ltd. gwph,
the first company to gain approval for a cannabis drug, at around $ 7 billion. The ETF’s weekly cannabis gain is set to be the biggest as it rose 30.3% in the week ended November 6, the week of the presidential election. Among the most actively traded cannabis companies, the U.S. listed stocks of Tilray Inc. TLRY,
climbed 45.6% this week and climbed 219.1% year-to-date; Canopy Growth Corp. CGC,
jumped 8.3%, putting them on track for a fifth consecutive weekly gain, in which they climbed 76.2%; Aurora Cannabis Inc. ACB,
rose 16.2% this week and more than doubled (up 108%) since the start of the year; and Aphria Inc. apha
jumped 39.3% this week and 211.2% in the past three months.