Cannabis stocks sit slightly lower on Thursday morning, with the US market in pre-market trading and most quotes reflecting Wednesday’s close. The AdvisorShares Pure US Cannabis ETF (MSOS) trades at $4.08, down 0.5%, and the Amplify Seymour Cannabis ETF (CNBS) sits at $23.48, down 0.3%. The ETFs’ narrow moves mask sharper swings in individual names, several of them small caps reporting quarterly results this month.
This slight downturn comes against the backdrop of more pronounced drops across NASDAQ and the S&P 500 in recent days, driven by a sell-off of AI stocks, particularly NVIDIA, the world’s second most valuable company by market cap and the driving force behind the AI boom.
Business of Cannabis last looked at the sector’s listings pipeline in ‘Brains Bioceutical To List On NASDAQ Via SPAC At US$750m Valuation’. This morning, the largest moves trace to company results and analyst calls rather than policy.
Breadth is weak. Of the 35 tickers we track, 12 trade above their previous close, 22 sit below it and one, Vext Science (VEXTF), is unchanged at $0.1614. GrowGeneration (GRWG) is the heaviest faller at $1.26, down 16.6%, followed by Glass House Brands’ OTC line (GLASF) at $2.26, down 12.4%. InterCure (IPW), Turning Point Brands (TPB) and IM Cannabis (IMCC) are each down about 6%. SNDL leads the gainers at $1.42, up 2.2%, with Canopy Growth (CGC) close behind at $0.605, up 2.1%. Among US multi-state operators, Green Thumb Industries (GTBIF) holds at $6.58, up 0.3%, while Curaleaf (CURLF) sits at $8.87, down 0.7%. Cronos Group (CRON) trades at $3.45, up 1.2%, and Aurora Cannabis (ACB) at $5.05, down 1.2%.
| Ticker | Company | Current Price | Change ($) | Change (%) |
|---|---|---|---|---|
| GRWG | GrowGeneration | $1.26 | −$0.25 | −16.56% |
| GLASF | Glass House Brands | $2.26 | −$0.32 | −12.40% |
| IPW | iPower | $1.39 | −$0.10 | −6.71% |
| TPB | Turning Point Brands | $58.81 | −$4.00 | −6.37% |
| IMCC | IM Cannabis | $0.5750 | −$0.04 | −6.05% |
| REFI | Chicago Atlantic Real Estate Finance | $8.80 | −$0.46 | −4.97% |
| CRLBF | Cresco Labs | $0.5197 | −$0.02 | −4.47% |
| JUSHF | Jushi Holdings | $0.4291 | −$0.01 | −2.48% |
| HITI | High Tide | $2.53 | −$0.06 | −2.32% |
| SNDL | SNDL | $1.42 | +$0.03 | +2.16% |
| CGC | Canopy Growth | $0.6050 | +$0.01 | +2.13% |
| MAPS | WM Technology | $0.1959 | −$0.00 | −2.00% |
| CRBP | Corbus Pharmaceuticals | $4.00 | +$0.07 | +1.78% |
| IXHL | Incannex Healthcare | $1.98 | −$0.04 | −1.74% |
| TLRY | Tilray Brands | $2.61 | −$0.04 | −1.51% |
| MO | Altria Group | $77.39 | +$1.05 | +1.38% |
| ACB | Aurora Cannabis | $5.05 | −$0.06 | −1.17% |
| CRON | Cronos Group | $3.45 | +$0.04 | +1.17% |
| JAZZ | Jazz Pharmaceuticals | $248.24 | +$2.81 | +1.14% |
| STZ | Constellation Brands | $144.12 | −$1.39 | −0.96% |
| VFF | Village Farms | $2.69 | +$0.02 | +0.75% |
| CBWTF | Auxly Cannabis | $2.51 | −$0.02 | −0.67% |
| CURLF | Curaleaf Holdings | $8.87 | −$0.06 | −0.67% |
| IIPR | Innovative Industrial Properties | $54.74 | −$0.32 | −0.58% |
| AFCG | AFC Gamma | $3.51 | +$0.02 | +0.57% |
| MSOS | AdvisorShares Pure US Cannabis ETF | $4.08 | −$0.02 | −0.49% |
| YOLO | AdvisorShares Pure Cannabis ETF | $2.66 | −$0.01 | −0.37% |
| ABBV | AbbVie | $294.98 | +$1.09 | +0.37% |
| CNBS | Amplify Seymour Cannabis ETF | $23.48 | −$0.08 | −0.35% |
| GTBIF | Green Thumb Industries | $6.58 | +$0.02 | +0.29% |
| AAWH | Ascend Wellness | $0.3660 | −$0.00 | −0.27% |
| OGI | Organigram | $0.8537 | +$0.00 | +0.15% |
| SMG | Scotts Miracle-Gro | $65.04 | −$0.09 | −0.14% |
| MJ | Amplify Alternative Harvest ETF | $22.80 | +$0.03 | +0.11% |
| VEXTF | Vext Science | $0.1614 | $0.00 | 0.00% |
GrowGeneration sits at $1.26, $0.25 below its previous close, after third-quarter results released after the bell on 10 November. The hydroponics supplier reported net sales of $44.8m, against $47.3m a year earlier, and Investing.com noted that the figure fell short of the $46.35m consensus estimate. The same release showed positive GAAP net income, adjusted EBITDA of $2.3m and gross margin up 520 basis points to 32.4%, yet the shares have given up a sixth of their value since. Investing.com also noted the company’s continuing shift away from retail stores towards commercial customers; it ended the quarter with $41.8m in cash and no debt.
Turning Point Brands trades at $58.81, $4 below its previous close of $62.81. MarketBeat reported that Needham cut its price target on the stock from $125 to $95 on Wednesday while keeping a buy rating. The cut came two days after third-quarter results in which, according to GuruFocus, earnings per share of $0.35 and revenue of $151.1m beat estimates.
Tilray Brands (TLRY) sits at $2.61, down 1.5%. That follows a fall of about 7% on Tuesday which, GuruFocus said, extended a month-long slide of more than 20%. GuruFocus linked the decline to persistent investor concern over profitability and the company’s growth path. Wednesday’s session did little to reverse it.
Canopy Growth holds just above $0.60. Its fiscal second-quarter results, published on 6 November, showed net revenue up 22%, led by a 141% rise in international markets cannabis, according to the company. Canadian medical cannabis revenue rose 18% and Canadian adult-use revenue 17%, and the company said it had strengthened its EU GMP supply chain to support further international growth. We found no sourced trigger for Wednesday’s 2.1% gain. More on these companies is on our cannabis companies hub.
Names with indirect cannabis exposure are steadier. Altria (MO) trades at $77.39, up 1.4%, and Jazz Pharmaceuticals (JAZZ) at $248.24, up 1.1%, while Innovative Industrial Properties (IIPR) sits at $54.74, down 0.6%, and AFC Gamma (AFCG), a lender to cannabis operators, sits at $3.51, up 0.6%. Treat the Glass House OTC quote with caution: OTC data often lags a trading day, the company now lists on the NYSE as GLAS according to StreetInsider, and we found no sourced reason for the 12.4% decline. The company’s preliminary third-quarter figures, released in October, showed revenue of $56.8m, up from $47.0m in the second quarter, but an average selling price that fell to $150 per pound from $211, StreetInsider reported. Regular US trading opens at 14:30 GMT, and our daily stocks coverage will follow the session. Track all cannabis stocks live on the Business of Cannabis Stocks Tracker.
