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Cannabis Stock Watchlist: Canopy, Tilray Move on Report, Merger

Canopy Growth reported fiscal-fourth-quarter results last week while Tilray was upgraded after its deal with Aphria closed.
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Cannabis stocks last week were mixed, with some stocks having risen after Amazon  (AMZN)  backed a federal bill to legalize marijuana and said it would no longer screen for marijuana for any position not regulated by the Department of Transportation.

The ETFMG Alternative Harvest ETF  (MJ)  eased 2.3% last week.

Canopy Growth | Declined 1.2%

Shares of Canopy Growth  (CGC)  were volatile last week, reacting to the Amazon news as well as its own earnings release. Canopy Growth reported a fourth-quarter loss of C$1.85 a share, half the loss of C$3.72 per share of the year-earlier quarter. Revenue rose 45% to C$167.4 million (US$139.1 million), topping the Wall Street consensus forecast of C$152 million. 

Tilray | Increased 12%

Tilray  (TLRY)  jumped last week. Analysts at Cantor Fitzgerald upgraded the stock after its merger with peer Canadian company Aphria  (APHA)  closed. The investment firm upgraded Tilray to overweight from neutral and lowered its price target to $22 a share from $30.25. 

Cronos Group | Decreased 4.5%

Cronos  (CRON)  said late last week that it was amending an agreement with Ginkgo Bioworks to more quickly commercialize cultured cannabinoids at scale. The company will issue Ginkgo up to 14.7 million common shares once it can show progress and reach a final productivity target by September 2021. 

Green Thumb Industries | Increased 1.6%

Green Thumb Industries  (GTBIF)  shares rose last week after the company closed its acquisition of Liberty Compassion, the Boston medical cannabis cultivator and retailer. The company gains two operating medical cannabis dispensaries located in Boston and West Springfield as part of the deal.