Cannabis Stocks Watchlist: Amazon Gets on Board

Some cannabis stocks got a bump Wednesday after Amazon voiced support for legalization. Here's a look at some leading stocks in the sector.
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Shares of the benchmark ETFM Alternative Harvest ETF  (MJ) - Get Report, which tracks cannabis stocks, were rising Wednesday after Amazon  (AMZN) - Get Report announced support for a federal marijuana legalization bill. 

The Seattle tech and e-commerce company also said it would no longer screen for marijuana for any position at its company not regulated by the Department of Transportation. 

Cannabis stocks were rising on the news. Here's a look at how the some picks have performed over the past week. 

Canopy Growth | Increased +13%

Canopy Growth (CGC) - Get Report shares were higher on Wednesday after the company halved its fiscal-fourth-quarter loss on increased demand. 

Canopy Growth said its loss for the three months ended in March was C$1.85 a share, narrowed from C$3.72 a share in the year-earlier quarter. Group revenue rose 45% to C$167.4 million (US$139.1 million), topping the FactSet-compiled Wall Street consensus forecast of C$152 million.

Hexo | Increased +19%

Hexo  (HEXO) - Get Report shares advanced on Wednesday after the company agreed to purchase Redecan, Canada's largest privately owned licensed producer, for C$925 million ($766.4 million). 

Hexo will pay for the purchase with C$400 million ($331.4 million) cash and C$500 million (US$414.3 million) of common shares at an implied price C$7.53 ($6.24) each. Redecan shareholders will own about 31% of Hexo after the deal closes.

Green Thumb Industries | Increased +7%

Green Thumb Industries  (GTBIF)  shares slipped 1% at last check. On Tuesday the company said it closed the acquisition of cannabis operator Liberty Compassion. The deal gives the company another foothold in Massachusetts, where adult-use cannabis sales have reached nearly $443 million in 2021.