Here is today's cannabis stocks recap, with the winners, the losers and the news behind the moves. Every cannabis ETF rose more than 5% on Tuesday, and MSOS is up 14% in two sessions.
ETFs: MSOS +6.9% ($4.49, on 7.4M shares), MJ +5.8%, CNBS +5.3%, YOLO +8.7%
Winners
- Aurora (ACB): +22.3% to $5.16, on 8.7M shares, within 19% of its 52-week high
- Curaleaf (CURLF): +10.7% to $10.14
- Village Farms (VFF): +9.2% to $2.85
- SNDL: +6.3% to $1.35
- High Tide (HITI): +5.4% to $2.73, about 11% below its 52-week high
Losers
- Scotts Miracle-Gro (SMG): −5.1% to $61.80, giving back most of Monday's gain
- Organigram (OGI): −4.7% to $0.92, on about 8x its recent volume and 8% above its 52-week low
- Auxly (CBWTF): −2.2% to $2.63, after setting a new 52-week high during the session
Canadian LPs: Tilray $2.65 (+3.9%), Canopy $0.71 (+3.8%), Cronos $3.38 (+1.5%).
MSOs: Curaleaf +10.7%, Green Thumb $6.70 (+3.9%), Cresco $0.63 (+4.2%), Ascend $0.40 (+2.0%).
How the news lines up with the moves
- Organigram agreed to buy Aurora before Tuesday's open for C$7.80 a share, a 21% premium to Curaleaf's hostile offer, backed by a US$133.1M investment from BAT. Aurora jumped 22%, and Organigram fell 4.7% on heavy volume, a common pattern for an acquirer.
- Curaleaf rose 10.7% on the day it was outbid for Aurora and reported record third-quarter revenue. It's up about 23% in two sessions.
- Election timing. US names and the ETFs climbed while voters went to the polls, but polls closed after the market did. Massachusetts' defeat of Question 8 and the wins in Pennsylvania and Wisconsin will show up in today's trading, not these numbers.
These are correlations, not proof of cause.
With Question 8 defeated and new legalization paths in Pennsylvania and Wisconsin, does the rally have room to run, or was the good news already priced in?
Not investment advice.
#cannabisstocks #MSOS #Aurora #cannabisindustry #investing
