Cannabis stocks see more broad gains, as sector tracker heads for best week since the election
Cannabis stocks were mostly Friday, putting the sector on track for a fifth straight gain and the best weekly performance since before the presidential election, amid signs of improved valuations given a more favorable regulatory climate. The Cannabis ETF
THCX,
rose 0.4% in afternoon trading, and has surged 26.5% this week. Helping give the sector a boost this week are expectations that a Democratic majority in Congress and the Biden administration will pursue an agenda to federally legalize recreational marijuana, and Thursday’s merger deal that valued GW Pharmaceuticals Ltd.
GWPH,
the first company to win approval for a cannabis-based drug, at about $7 billion. The Cannabis ETF’s weekly gain is on track to be the biggest since it rallied 30.3% during the week ended Nov. 6, the week of the presidential election. Among the more actively traded cannabis companies, the U.S.-listed shares of Tilray Inc.
TLRY,
have soared 45.6% this week, and have rocketed 219.1% year to date; Canopy Growth Corp.
CGC,
WEED,
have surged 8.3%, to put them on track for a fifth straight weekly gain, in which they have soared 76.2%; Aurora Cannabis Inc.
ACB,
ACB,
have rallied 16.2% this week, and more than doubled (up 108%) year to date; and Aphria Inc.
APHA,
APHA,
have jumped 39.3% this week, and 211.2% over the past three months.
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