Cannabis Corner: After the Green Rush

Hilary Kramer

Hilary Kramer is an investment analyst and portfolio manager with 30 years of experience on Wall Street.

Speaking of noise, the cannabis group is down this week after an extended rally. Conditions here resemble the overall market, with no news and steep short-term declines.

Aurora Cannabis Inc. (NASDAQ:ACB) and Canopy Growth Corp (NASDAQ:CGC) have retraced 11% this week. Tilray Inc. (NASDAQ:TLRY) is down 14%.

Is it the end of the world for these stocks and for the cannabis group as a whole? Get real. This is only a transient lull in what remains a serious bull run.

Admittedly, ACB has given up a lot of its gains and CGC is actually down so far this year now. But TLRY has doubled, as have smaller names like CannTrust Holding (OTC:CNTTQ) and OrganiGram Holdings Inc. (NASDAQ:OGI).

My proprietary index is still up 38% year to date (YTD), roughly triple what the S&P 500 has been able to deliver… and, tellingly, roughly where it was a few weeks ago.

Two steps up, one step down. That’s how the market moves. It is what separates real-world investment performance from a truly random walk.

If you were in these stocks at the end of 2020, you’re still cheering. And if you missed that rally, this correction is a chance to get a good seat for the next move to the upside.

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