The cannabis sector was down this past week as investors turned their backs on speculative stock plays and looked at reopening stocks to buy as the U.S. gets closer to fully reopening its economy.
Cannabis stocks received a boost this past week when New York agreed to a deal to become the 16th state to legalize recreational marijuana.
Cannabis stocks were pointing towards starting the week higher with the benchmark ETFMG Alternative Harvest ETF (MJ) rising after closing out Friday's session down 0.4%. Shares are down Monday.
Real Money's Debra Borchardt shared this past week that picking the best cannabis SPACs boils down to picking the right team including one from hip-hop legend Jay-Z.
Here is a list of cannabis stocks to watch and their performance from the past week by the percentage change at the close of trading on Mar. 26.
Tilray Inc. | Decreased -12.9%
Tilray (TLRY) shares had a rough week last week and closed Friday's session down more than 3%, but the stock is the best performing cannabis stock in 2021, rising more than 170% this quarter.
Aphria Inc | Decreased -10.39%
Aphria (APHA) shares were also down big this week, but the stock has also been one of the best cannabis stocks so far in 2021. Shares are up more than 150% after agreeing to merge with Tilray in a deal expected to close in the second quarter.
Sundial Growers Inc. | Decreased -24.16%
Trulieve Cannabis Corp. | Decreased -4.2%
Trulieve (TCNNF) announced fourth quarter results that topped analyst estimates with record revenue of $521.5 million for the year with a $63 million profit. Analysts at Canaccord Genuity increased the company's price target to C$87 from C$75 in a bullish note last week.
Curaleaf Holdings Inc | Decreased -6.4%
Curaleaf (CURLF) announced the launch of Select Squeeze last week, a fast-acting THC-infused beverage enhancer. Select Squeeze is an additive that can transform any beverage into a THC-infused beverage.