Cannabis Stocks Review - Pre-Market Edition 05/24/19

Market Action

The Global Cannabis Stock Index fell to the lowest point since mid-February, losing 4.0% to 90.28. The index, which lost 1.5% in April, has declined 9.0% in May and is now up 41.0% to begin the year after losing 57.7% in 2018. It closed 51.0% above the 2018 closing low set on Christmas Eve.

Two names in the broad market of most actively traded stocks had dollar-volume above $100 million, while the total above $5 million was 16 and above $1 million was 36. 25% of the stocks traded above their one-month average volume, down from 30% in the prior session. There were no double-digit winners and no double-digit decliners. 11% of the 56 most heavily-traded stocks showed gains. The American Cannabis Operator Index, which launched 10/31 with a value of 100 and ended 2018 at 77.28, fell 2.7% to 98.75.

The stocks moving more than 5% on more than $1 million U.S. trading value included none to the upside and MEDIF, ZYNE, MMNFF, CURLF, VGWCF, CWBHF, MJNA, CRLBF, OGI and PYX to the downside.

Canadian LP

The Canadian Cannabis LP Index fell for the second straight day, decreasing 2.4%. Tier 1 fell 4.9%, Tier 2 lost 1.2%, and Tier 3 decreased 2.1%. The index, down 29.9% in 2018 after ending the year at 704.64, has gained 45.1% so far in 2019.

Canopy Growth consolidated volume was 2.8 million shares ($169 million), with over US$211 million. Aurora Cannabis was 11.0 million shares ($123 million), with over US$81 million as well.

Aprhria consolidated volume was 4.4 million ($39 million). HEXO Corp consolidated volume was 4.3 million shares ($38 million). Cronos Group consolidated volume was 1.4 million shares ($30 million), with over $93 million in the U.S. Organigram consolidated volume was 2.9 million shares ($29 million).

Tilray, which trades only in the U.S. and is not in the index consequently, traded 1.5 million shares (US$70 million)

Support and Resistance


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Posted to 420 Investor on May 23, 2019 — 8:05 PM
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Great content. Information provided is accurate and timely. It’s very well written with with thorough analysis.
         
Alan (420 Investor) is a great source of timely information on the cannabis sector. While I'm not a short term trader I still enjoy his short term updates as it keeps me connected to market. I'm ho...
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