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May Was A Tough Month For The Cannabis Sector…

Jun 4, 2023 • 11:11 AM EDT
5 MIN READ  •  By Michael Berger
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May was a challenging month for the cannabis sector and we were closely monitoring how individual companies performed.

Today, we highlighted the performance of 15 cannabis stocks in May and wanted our readers to be aware of these movements. As you can see, the sector traded lower on average and we will monitor how it performs in June.

  1. AYR Wellness Inc. (CSE: AYR.A) (OTCQX: AYRWF) – traded more than 10% higher
  2. Verano Holdings (OTC: VRNOF) (CSE: VRNO) – traded slightly lower
  3. Cresco Labs (OTC: CRLBF) (CSE: CL) – traded slightly higher
  4. Khiron Life Sciences (TSXV: KHRN) (OTCQB: KHRNF) – rallied more than 5%
  5. GrowGeneration (Nasdaq: GRWG) – rallied more than 10%
  6. Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) – traded slightly higher
  7. Curaleaf Holdings (OTC: CURLF) (CSE: CURA) – traded slightly higher
  8. Canopy Growth (Nasdaq: CGC) (TSX: WEED) – plunged more than 35% lower
  9. Jazz Pharmaceuticals (Nasdaq: JAZZ) – traded slightly lower
  10. Tilray Brands (Nasdaq: TLRY) (TSX: TLRY) – plunged almost 30% lower
  11. Organigram Holdings (Nasdaq: OGI) (TSX: OGI) – plunged more than 20%
  12. Aurora Cannabis (Nasdaq: ACB) (TSX: ACB) – fell more than 10%
  13. Cronos Group (Nasdaq: CRON) (TSX: CRON) – dropped less than 10%
  14. Innovative Industrial Properties, Inc. (IIPR) – traded slightly lower
  15. Trulieve Cannabis Corp. (OTC: TCNNF) (CSE: TRUL) – plunged almost 30%

During the last month, the cannabis sector traded in a volatile pattern and we plan to closely monitor how it performs from here. We believe that several cannabis stocks are trading at favorable valuations (after the pullback) and will be providing updates on how the sector continues to trend.

Historically, the summer has been a challenging period for the cannabis sector and we will monitor if this theme continues this year. Over the next few weeks, we expect cannabis stocks to continue to trade in a volatile pattern and want our readers to be aware of this.

If you are interested in learning more about individual stock movements, please send an email to support@technical420.com with the subject “Cannabis Stock Movers” to be added to our distribution list.

Company Relationship Disclosure

T420 is responsible for the T420 opinions provided in this disclosure except all sources or information provided by other parties were not verified or authenticated and T420 does not undertake to confirm or substantiate or be responsible for such information provided by other parties

Any Content posted regarding a Profiled Issuer is not a solicitation or recommendation to buy, sell or hold securities. We cannot and do not assess, verify or guarantee the adequacy, accuracy or completeness of any information, the suitability or profitability of any particular investment, or the potential value of any investment or informational source. All information should be independently verified. We are not responsible for errors or omissions in our publications, and any opinions expressed are subject to change, without notice. We do not, nor are we under any obligation to undertake due diligence or investigation or authenticate and verify whatsoever regarding Profiled Issuers or any Content posted in relation thereto and we do not receive any verification from the Profiled Issuer regarding the Content we disseminate. Similarly, while we endeavor to facilitate the provision of quality information, we are not responsible for any loss or damages caused or alleged to have been caused by its use nor verify or authenticate or update such information.

This article contains forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs regarding future performance are “forward-looking statements”. Forward-looking statements can be identified by the use of words such as “expects”, “does not expect”, “is expected”, “believes”, “intends”, “anticipates”, “does not anticipate”, “believes” or variations of these words, expressions or statements, that certain actions, events or results “may”, “could”, “would”, “might” or “will be” taken, will occur or will be realized. Such forward-looking statements involve risks, uncertainties and other known and unknown factors that could cause actual results, events or developments to differ materially from the results, events or developments expected and expressed or implied in such forward-looking statements. These risks and uncertainties include, but are not limited to, dependence on obtaining and maintaining regulatory approvals, including the acquisition and renewal of federal, provincial, state, municipal, local or other licenses, and any inability to obtain all necessary government authorizations, licenses and permits to operate and expand the Company’s facilities; regulatory or policy changes such as changes in applicable laws and regulations, including federal, state and provincial legalization, due to fluctuations in public opinion, industry perception of integrative mental health, including the use of psychedelic-assisted therapy, delays or inefficiencies or any other reason; any other factor or development likely to hamper the growth of the market; the Company’s limited operating and profitability track record; dependence on management; the Company’s need for additional financing and the effects of financial market conditions and other factors on the availability of capital; competition, including that of more established and better funded competitors; the impact of the Russia-Ukraine conflict on the global economy; the continued impact of the COVID-19 pandemic; and the need to build and maintain alliances and partnerships, including with research and development companies, customers and suppliers. These factors should be carefully considered, and readers are cautioned not to place undue reliance on forward-looking statements. Despite the Company’s efforts to identify the main risk factors that could cause actual measures, events or results to differ materially from those described in forward-looking statements, other risk factors may cause measures, events or developments to materially differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking statements. The Company does not undertake to revise forward-looking statements, even if new information becomes available as a result of future events, new facts or any other reason, except as required by applicable laws

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Authored By

Michael Berger

Michael Berger is Managing Partner of StoneBridge Partners, LLC and Founder of Technical420.com. Prior to entering the cannabis industry, Michael was an Equity Research Analyst at Raymond James Financial covering the Energy Sector. Michael has been featured in publications such as The Street, Bloomberg, US Money News, and hosts various cannabis events across North America.

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