Cannabis Stock Gainers And Losers From December 13, 2023
Portfolio Pulse from Benzinga Insights
On December 13, 2023, several cannabis-related stocks experienced significant price movements. Notable gainers included GrowLife, Cann Gr, and 1933 Industries, with GrowLife leading the pack with a 378.57% increase. Major US-listed companies that saw gains were GrowGeneration, Tilray Brands, Innovative Industrial Properties, Scotts Miracle-Gro, Corbus Pharmaceuticals, and SNDL. Conversely, notable losers included AusCann Group Holdings, Rhinomed, and CLS Holdings USA, with AusCann Group Holdings dropping by 46.67%. Canopy Growth, cbdMD, Genetic Technologies, and Mexco Energy were among the US-listed companies that faced declines.
December 13, 2023 | 9:30 pm
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POSITIVE IMPACT
Corbus Pharmaceuticals ended the day up 4.55% at $5.75, which may indicate a positive short-term trajectory for the stock.
Corbus Pharmaceuticals' gain reflects a broader interest in cannabis biotech, which could lead to further short-term appreciation as the sector evolves.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 70
POSITIVE IMPACT
GrowGeneration shares closed up 7.98% at $2.57, indicating a positive market response which could continue in the short term.
As a leading hydroponic supplier, GrowGeneration's stock movement is closely tied to the overall sentiment in the cannabis industry. The significant gain suggests strong investor confidence, which may persist in the short term.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Innovative Industrial Properties closed up 5.80% at $93.04, potentially signaling a bullish short-term outlook for the cannabis real estate investment trust.
Innovative Industrial Properties' stock increase is significant as it reflects investor confidence in cannabis-related real estate, which may continue to attract interest in the short term.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Scotts Miracle-Gro shares increased by 5.64% to $60.34, suggesting a positive investor sentiment that could extend in the short term.
Scotts Miracle-Gro's association with the cannabis industry through its hydroponic products could lead to continued investor interest as the sector grows.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 80
POSITIVE IMPACT
SNDL shares closed up 4.29% at $1.46, indicating a favorable market reaction that might continue in the short term.
SNDL's performance is a positive sign for the company, mirroring the overall industry's growth, which could lead to continued investor interest.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 80
POSITIVE IMPACT
Tilray Brands shares closed up 6.11% at $1.91, reflecting a positive trend that could maintain momentum in the near future.
Tilray's performance is indicative of investor optimism in the cannabis market. The stock's gain aligns with the broader industry trend and may suggest further upside potential.
CONFIDENCE 75
IMPORTANCE 65
RELEVANCE 80
NEGATIVE IMPACT
Canopy Growth shares closed down 19.72% at $0.55, which could indicate bearish sentiment and potential further short-term decline.
Canopy Growth's significant drop may reflect investor concerns or a reaction to specific company or industry news, suggesting a cautious short-term outlook.
CONFIDENCE 80
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Genetic Technologies shares closed down 7.02% at $0.53, hinting at possible continued bearish sentiment in the short term.
Genetic Technologies' drop may reflect market skepticism or specific concerns, potentially leading to further short-term downward pressure.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 70
NEGATIVE IMPACT
Mexco Energy shares decreased by 3.84% to $9.76, which may suggest a negative outlook that could extend in the short term.
Mexco Energy's decline could be attributed to broader market trends or sector-specific issues, potentially leading to further short-term challenges.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
cbdMD shares fell by 12.62% to $0.65, potentially indicating a negative trend that could persist in the short term.
The decline in cbdMD's stock price may be part of a broader market correction or specific to the company, suggesting a need for investor caution.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80