Last week was broadly negative for the cannabis sector. The Horizons Marijuana Life Sciences ETF (HMMJ) fell almost 16.8%, while the Emerging Marijuana Growers Index ETF (HMJR) declined by 11.7% during the same period. Let’s look at the worst performers in the cannabis sector last week.
As the above chart shows, Aurora Cannabis (ACB) emerged as the biggest loser last week with a 29.4% decline despite debuting on the on the New York Stock Exchange. Tilray (TLRY) emerged as the second biggest loser with its stock taking a ~25.6% hit in the last week alone. Cronos Group (CRON) was next with a 19.9% decline, while Canopy Growth (CGC) (WEED) fell ~17.4% last week.
The cannabis stocks listed on the Canadian stock exchanges were also in the deep red. For example, Aphria (APHQF) declined by 15.6% week-over-week, while Organigram (OGRMF) was down by about 15.5% during the same period. CannTrust (CNTTF) lost about 18.7%, and HEXO (HEXO) declined almost 13.6% during the week. Supreme Cannabis (SPRWF) followed with a 13.3% weekly decline, while Emerald Health (EMHTF) fell 2.3% last week.
During the same period, the TSE 300 Index declined by 3.8%, and the S&P 500 Index was down by 3.9%