Here is today's cannabis stocks recap, with the winners, the losers and the news behind the moves. GrowGeneration fell 16.6% on Wednesday, the sector's biggest drop, while Canadian LPs bounced back from Tuesday's sell-off.
ETFs, Wednesday: MSOS −0.5% to $4.08, CNBS −0.4%, YOLO −0.4%, MJ +0.1%. Of 18 liquid names above $50M, 9 rose and 9 fell.
Winners
- InterCure (INCR): +5.7% to $3.91
- SNDL (SNDL): +2.2% to $1.42
- Canopy Growth (CGC): +2.1% to $0.61, after nearing its 52-week low of $0.58
- Cronos (CRON): +1.2% to $3.45
- Village Farms (VFF): +0.8% to $2.69, after Tuesday's 6.0% drop
Losers
- GrowGeneration (GRWG): −16.6% to $1.26
- Turning Point Brands (TPB): −6.4% to $58.81, near its 52-week low of $54.17
- Cresco Labs (CRLBF): −4.4% to $0.52, just above its 52-week low of $0.51
- High Tide (HITI): −2.3% to $2.53
- Tilray (TLRY): −1.5% to $2.61, near its 52-week low of $2.49
US MSOs: Green Thumb +0.3% to $6.58, Curaleaf −0.7% to $8.87, Cresco −4.4%. Lenders and landlords: AFC Gamma +0.6%, NewLake +0.2%, Innovative Industrial Properties −0.6%.
How the news lined up
- Marijuana Moment reported during Wednesday's session that the DEA has rejected registrations for medical marijuana businesses in at least six states and D.C. The US operator ETF slipped 0.5%.
- Earlier that day, House Republicans picked Rep. Jim Jordan, a longtime opponent of cannabis reform, as their next leader.
- We found no company news behind GrowGeneration's or Turning Point's drops.
These are correlations, not proof of cause.
Is the DEA's split decision on registrations already priced into US operators?
Not investment advice.
Sources: trees.cloud stock data (Wed Nov 11 close). DEA denials (Marijuana Moment): https://www.marijuanamoment.net/dea-is-rejecting-medical-marijuana-businesses-that-want-federal-rescheduling-protections-in-multiple-states/ GOP leaders (Marijuana Moment): https://www.marijuanamoment.net/newly-elected-senate-and-house-gop-leaders-oppose-marijuana-reform-as-trump-moves-ahead-with-rescheduling/
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