Marijuana stocks rose Tuesday after President Trump said his administration would cooperate in the transition to Joe Biden’s presidency.
Cannabis sector-related exchange-traded funds were also increasing due to favoring a Biden presidency that could push the country toward legalizing sales of recreational marijuana.
For more in-depth coverage of the cannabis sector including buy and sell recommendations and investment strategies, follow Debra Borchardt on Real Money.
Here is a list of the cannabis stocks to watch and their performance this past week by the percentage change at the close of trading on Nov. 27.
Abbvie Inc | Increased +0.71% | Price $104.98
Last month. AbbVie (ABBV) – Get Report posted stronger-than-expected third-quarter earnings as strong global sales from its popular Humira rheumatoid arthritis treatment as well as strong cancer-drug sales offset a dip in revenue related to its Botox treatments.
AbbVie said net earnings for the three months ended in September were $2.31 billion, or $1.29 a share, vs. $1.88 billion, or $1.26 a share, in the comparable year-earlier quarter.
Aurora Cannabis Inc | Increased +25.64% | Price $8.92
Earlier this month, Aurora Cannabis (ACB) – Get Report shares slumped after the marijuana producer launched an offering of units and Stifel analyst W. Andrew Carter downgraded the stock to sell from hold.
He raised his share-price rating to C$6.50 (US$4.96) from C$3.50 (US$2.67) based on valuation.
Arena Pharmaceuticals | Decreased -0.14% | Price $65.77
Arena Pharmaceuticals (ARNA) – Get Report reported its third-quarter earnings for 2020 earlier this month, posting a net loss of $97.4 million compared to a net loss of $72.9 million for the same period in 2019.
Cannabix Technologies Inc | Increased +24.34% | Price $0.46
This week, Cannabix Technologies Inc. (Cannabix Technologies Inc.) said it plans to begin testing its 3.0 THC Breath Analyzer in southern California. It will provide its latest version of the breath analyzer to Alipour Medical Center by early 2021.
The device can be used by employers and others who are seeking a quick way to test for recent THC use.
General Cannabis Corp | Increased +10.11% | Price $0.47
General Cannabis Corp. said in July that it closed the final tranche of the Hershey Strategic Capital transaction that was worth $815,000 and appointed Adam Hershey as a member of the company’s board of directors.
Cara Therapeutics CARA | Decreased -5.21% | Price $15.08
Cara Therapeutics (CARA) – Get Report reported its third-quarter earnings for 2020, posting a net loss of $16.5 million or $0.35 per share compared with a net loss of $32.8 million or $0.74 per share posted during the third quarter a year earlier.
Canopy Growth Corp | Increased +13.53% | Price $27.38
Canopy Growth (CGC) – Get Report shares traded in the U.S. were soaring earlier this month after the Canadian cannabis company reported a narrower-than-expected fiscal second-quarter loss and revenue that topped forecasts.
The world’s largest pot producer posted a loss in the period of 9 cents a Canadian share vs. analysts’ forecasts that called for a loss of 37 cents.
TheStreet Quant Ratings rates Canopy Growth Corp as a Hold with a rating score of C.