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Canadian licensed medical marijuana producers started the week off strong as stocks recorded significant moves higher on strong volume.
We are favorable on this rally and the associated strong volume and will keep an eye on how this sub-sector performs today.
Horizons Marijuana Lifestyles ETF (HMMJ.TO) was up more than 3% yesterday and the index has rallied more than 8% in the last week. We continue to monitor the performance of this index and use it as a barometer for the strength of the cannabis sector.
Five Canadian Licensed Producers to Watch
While we are favorable on the Canadian cannabis sector and the opportunities within in, we continue to urge selectivity and want to highlight five stocks that investors should be watching after the recent rally.
- Invictus MD Strategies (IMH.V) (IVITF) has received a favorable response from the market after the company provided updates on AB Labs, AB Ventures, and Acreage Pharms. Prior to this update, Invictus was under pressure and trading in oversold territory. Momentum is trending higher and the shares have come well off its recent lows. We continue to remain favorable and view Invictus as a stock to watch.
- Aurora Cannabis (ACB.V) (ACBFF) is up almost 20% in the last week and this comes after the company announced several strategic developments as well as an up-listing onto the TSX Exchange. Aurora is focused on international markets (Germany and Australia) and is working to complete construction its new production facility. Aurora is focused on the opportunity provided through cannabis oils as well as industrial hemp and we view the company as one of the leading global cannabis producers.
- Aphria (APH.TO) (APHQF) reported over 100% revenue growth for its fourth-quarter earlier this month and the shares have rallied 20% since this report. We are favorable on Aphria due to its improving fundamentals, its low-cost producer status, its balance sheet, and its continued execution. We expect Aphria to report continued growth on a quarter-over-quarter basis and view the company as a long-term opportunity.
- Friday Night Inc. (TGIF.CN) issued an update after saying that it is conducting due diligence on real estate options in Las Vegas and is looking at potential acquisitions. Friday Night improved its team through the addition Drew Milburn to its Advisory Board. He has helped countless U.S. companies enter cannabis markets and was a consultant to Heath Canada on the roll out of their new licensed producer model. Milburn’s prior U.S. clients are in 12 of the 29 legal medical states
- Cannabis Wheaton Income (CBW.V) traded higher yesterday and we continue to monitor the shares after the company raised more than $50 million and completed its deal with ABcann (ABCN.V). Although the company has continued to execute and work to create value for its shareholders, the stock has come well off its July highs and we think this is a company that investors need to watch.
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