Cannabis stocks have come back into the picture after the 2020 election. Four states approve marijuana ballot measures on Nov. 3. Joe Biden also beat Donald Trump in the presidential race giving cannabis investors more hope.
The cannabis sector crashed in 2019. Aurora Cannabis was trading at $115 on Mar. 15 but began falling and finished 2019 at a $23 share price.
Can the hope of federal legalization lead cannabis stocks back to the highs in early 2019 and which stocks should keep an eye on?
Here is a list of the cannabis stocks to watch and their performance this past week by the percentage change at the close of trading on Nov. 20.
Aurora Cannabis ACB | Increased +0.71% | Price $7.13
Aurora Cannabis (ACB) – Get Report jumped after it became clear that Biden was going to win the election. The rise in the stock didn’t continue after the marijuana producer launched an offering of units and Stifel downgraded the stock to sell from hold.
TheStreet Quant Ratings rates Aurora Cannabis as a Sell with a rating score of D-.
Canopy Growth CGC | Decreased -2.91% | Price $23.72
Canopy Growth (CGC) – Get Report reported its quarterly financials on Nov. 9 and reported a narrower than expected loss during its fiscal second quarter.
TheStreet Quant Ratings rates Canopy Growth as a Hold with a rating score of C.
Tilray TLRY | Decreased -3.79% | Price $7.36
Tilray (TLRY) – Get Report shares increased by over 60 percentage points after it looked like Biden would win the election. After rising 60 percentage points, shares fell 23 percentage points the week after the election and is now only up 11 percentage points since Election Day.
TheStreet Quant Ratings rates Tilray as a Sell with a rating score of D-.
Cronos Group CRON | Increased +1.83% | Price $7.22
Cronos Group and other cannabis stocks were falling on Nov. 4 after voters in New Jersey and Arizona passed measures that legalized recreational marijuana for adults age 21 and older due to Republicans potentially controlling the Senate.
TheStreet Quant Ratings rates Cronos Group as a Hold with a rating score of C.
Altria Group MO | Decreased -0.97% | Price $39.94
Altria Group (MO) – Get Report beat expectations at the end of Oct. despite taking a write-down on its investment in e-cigarette maker Juul.
TheStreet Quant Ratings rates Altria Group as a Hold with a rating score of C.
Cara Therapeutics CARA | Decreased -0.52% | Price $15.33
Cara Therapeutics (CARA) – Get Report reported its quarterly financials a week ago and results came in stronger than expected. Despite better than expected results, the stock has been down this week.
TheStreet Quant Ratings rates Cara Therapeutics as a Sell with a rating score of D.
GW Pharma GWPH | Increased +5.07% | Price $124.82
GW Pharma (GWPH) – Get Report shares were up in early Nov. after it reported a rise in revenue and a narrower than expected loss. Oppenheimer kept its buy rating after its third-quarter report.
TheStreet Quant Ratings rates GW Pharma as a Sell with a rating score of D+.