Cannabis stocks sit lower on Friday morning, with the US market in pre-market trading and most quotes reflecting Thursday’s close; some over-the-counter names may lag by a further session.
The AdvisorShares Pure US Cannabis ETF (MSOS) trades at $3.86, down 5.39% against its previous close, and the Amplify MJ fund sits at $21.90, down 3.97%. The selling extends the softness Business of Cannabis recorded on Thursday, when GrowGeneration sat at $1.26. GrowGeneration (GRWG) now trades at $1.23.
Breadth is poor. Of the 35 tickers we follow, four trade above their previous close: Auxly Cannabis Group (CBWTF) at $2.55, Incannex Healthcare (IXHL) at $2.02, Altria (MO) at $77.92 and Constellation Brands (STZ) at $144.60. Chicago Atlantic (REFI) is unchanged at $8.80, leaving 30 names in the red.
The heaviest declines sit with Corbus Pharmaceuticals (CRBP), down 14.75% at $3.41, Glass House Brands (GLASF), down 12.40% at $2.26, and Vext Science (VEXTF), down 10.16% at $0.145. Curaleaf (CURLF) and Cresco Labs (CRLBF) are each down more than 8%. The remaining sector funds tell the same story: the Global X Cannabis ETF (CNBS) trades at $22.41, down 4.56%, and the AdvisorShares Pure Cannabis ETF (YOLO) at $2.56, down 3.76%.
| Ticker | Company | Current Price | Change ($) | Change (%) |
|---|---|---|---|---|
| CRBP | Corbus Pharmaceuticals | $3.41 | −$0.59 | −14.75% |
| GLASF | Glass House Brands | $2.26 | −$0.32 | −12.40% |
| VEXTF | Vext Science | $0.1450 | −$0.02 | −10.16% |
| CURLF | Curaleaf Holdings | $8.06 | −$0.81 | −9.13% |
| CRLBF | Cresco Labs | $0.4770 | −$0.04 | −8.22% |
| IPW | iPower | $1.29 | −$0.10 | −7.19% |
| VFF | Village Farms | $2.54 | −$0.15 | −5.58% |
| GTBIF | Green Thumb Industries | $6.22 | −$0.36 | −5.45% |
| MSOS | AdvisorShares Pure US Cannabis ETF | $3.86 | −$0.22 | −5.39% |
| TPB | Turning Point Brands | $55.75 | −$3.06 | −5.20% |
| CGC | Canopy Growth | $0.5738 | −$0.03 | −5.16% |
| AFCG | AFC Gamma | $3.34 | −$0.17 | −4.84% |
| TLRY | Tilray Brands | $2.49 | −$0.12 | −4.60% |
| CNBS | Amplify Seymour Cannabis ETF | $22.41 | −$1.07 | −4.56% |
| AAWH | Ascend Wellness | $0.3503 | −$0.02 | −4.29% |
| MJ | Amplify Alternative Harvest ETF | $21.90 | −$0.91 | −3.97% |
| IMCC | IM Cannabis | $0.5530 | −$0.02 | −3.83% |
| IIPR | Innovative Industrial Properties | $52.66 | −$2.08 | −3.80% |
| YOLO | AdvisorShares Pure Cannabis ETF | $2.56 | −$0.10 | −3.76% |
| MAPS | WM Technology | $0.1890 | −$0.01 | −3.52% |
| JAZZ | Jazz Pharmaceuticals | $240.37 | −$7.87 | −3.17% |
| GRWG | GrowGeneration | $1.23 | −$0.03 | −2.38% |
| OGI | Organigram | $0.8340 | −$0.02 | −2.31% |
| IXHL | Incannex Healthcare | $2.02 | +$0.04 | +2.28% |
| SNDL | SNDL | $1.39 | −$0.03 | −2.11% |
| SMG | Scotts Miracle-Gro | $63.74 | −$1.30 | −2.00% |
| CBWTF | Auxly Cannabis | $2.55 | +$0.04 | +1.59% |
| JUSHF | Jushi Holdings | $0.4240 | −$0.01 | −1.19% |
| ACB | Aurora Cannabis | $4.99 | −$0.06 | −1.19% |
| HITI | High Tide | $2.50 | −$0.03 | −1.19% |
| CRON | Cronos Group | $3.41 | −$0.04 | −1.16% |
| MO | Altria Group | $77.92 | +$0.53 | +0.68% |
| STZ | Constellation Brands | $144.60 | +$0.48 | +0.33% |
| ABBV | AbbVie | $294.45 | −$0.53 | −0.18% |
| REFI | Chicago Atlantic Real Estate Finance | $8.80 | $0.00 | 0.00% |
Curaleaf is the largest mover among the multi-state operators, trading at $8.06, down 9.13% from $8.87. The company’s most recent third-quarter earnings release, filed with the SEC on 3 November, reported record net revenue of $353m, up 11% year on year, and adjusted EBITDA of $78m. The same release said Curaleaf had raised the consideration in its offer for Aurora Cannabis, that Aurora had announced an alternative transaction to merge with Organigram, and that Curaleaf was evaluating its options for continuing to pursue Aurora. We found no fresh company disclosure that explains the latest move.
The two other parties to that contest are also lower. Aurora (ACB) trades at $4.99, down 1.19%, and Organigram (OGI) sits at $0.834, down 2.31%. Both hold up better than the sector funds. Curaleaf’s release describes its offer as a mix of its own subordinate voting shares and cash, so the fall in Curaleaf’s price bears directly on the value of the bid. Readers can follow the deal on our cannabis M&A tracker.
Glass House Brands trades at $2.26 on the OTC line, down from $2.58. The quote may lag. The Californian cultivator’s preliminary unaudited third-quarter results, filed with the SEC in October, put revenue at $56.8m on record biomass production of about 317,000 pounds; StreetInsider reported that production cost fell to about $110 a pound from $122 in the second quarter. Those figures predate the current move by several weeks, and no fresh disclosure accounts for it.
Corbus Pharmaceuticals, whose pipeline includes a CB1 receptor programme, is the steepest decliner on our list at $3.41, against $4.00 previously. MarketBeat reported, citing Benzinga, that Mizuho cut its price target on the stock to $23 from $24 on Thursday while keeping an outperform rating. A trimmed target with an unchanged rating is modest news, and it would be wrong to read it as the sole cause of a 14.75% fall.
Elsewhere, the large Canadian licensed producers are lower: Tilray (TLRY) sits at $2.49, down 4.60%, and Canopy Growth (CGC) at $0.5738, down 5.16%. Green Thumb (GTBIF) trades at $6.22, down 5.45%. Turning Point Brands (TPB) sits at $55.75; Tobacco Insider reported this week that its third-quarter net sales rose 27% to $151.1m while adjusted EBITDA fell 41.3%. Vext Science trades at $0.145; GuruFocus’s summary of its third-quarter call noted revenue of $14.9m, up 18% year-on-year, set against margin pressure and a wider net loss. Among the property and supply names, Innovative Industrial Properties (IIPR) sits at $52.66 and AFC Gamma (AFCG) at $3.34, down 3.80% and 4.84% respectively.
Friday’s open will show whether US-listed names hold Thursday’s levels or follow the OTC operators lower. MSOS sits below $4, and the only large-cap names in positive territory are Altria and Constellation Brands. Curaleaf’s next step on Aurora is the company-specific item to watch. For context on the sector’s names, see our cannabis companies hub and our daily stocks coverage. Track all cannabis stocks live on the Business of Cannabis Stocks Tracker.