Cannabis Stocks Watchlist: Marijuana Deal Falls Apart
New York lawmakers filed a marijuana legalization bill for the 2021 session. Unfortunately, their neighbors to the west in New Jersey failed to come to an agreement and lawmakers pulled the bill.
New Jersey Gov. Phil Murphy will address the recent developments of the deal at his press conference at noon on Monday.
Last Tuesday, the state of Georgia elected two Democrat Senators to give the Democrats a majority in the Senate. This will give Joe Biden the ability to create an ambitious policy platform.
Could that platform include federally decriminalizing cannabis and legalizing it for recreational use as states like Colorado, Massachusetts and California have done already?
If you're looking for the stocks to invest in the cannabis sector, TheStreet's Debra Borchardt recently shared her top stock picks in the cannabis sector for 2021.
Here is a list of the cannabis stocks to watch and their performance from this past week by the percentage change at the close of trading on Jan 8.
Aurora Cannabis Inc | Increased +20.22% | Price $9.99
In late Dec., Aurora Cannabis (ACB) - Get Report was downgraded but its price target was lifted at BMO Capital. Could recent developments lead to more upgrades for cannabis companies?
TheStreet Quant Ratings rates Aurora Cannabis Inc. as a Sell with a rating score of D-.
Aphria Inc. | Increased +22.08% | Price $8.57
Aphria (APHA) - Get Report is only up 6.46% since its merger with Tilray was announced. Will we see more mergers in the cannabis sector when federal legalization and decriminalization becomes more of a reality?
TheStreet Quant Ratings rates Aphria as a Sell with a rating score of D.
Tilray Inc | Increased +36.92% | Price $11.31
Tilray (TLRY) - Get Report started rising after it became likely that Jon Ossoff and Raphael Warnock would both beat their Republican opponents in the Georgia Senate runoff. Tilray gained 17% Wednesday morning.
TheStreet Quant Ratings rates Tilray as a Sell with a rating score of D-.
Canopy Growth Corp | Increased +22.44% | Price $30.17
Constellation Brands (STZ) - Get Report beat estimates and provided strong guidance last Thursday. Constellation said its shares of Canopy Growth's (CGC) - Get Report equity earnings totaled a loss of $43 million. Constellation owns 38.6% of Canopy Growth.
TheStreet Quant Ratings rates Canopy Growth Corp as a Hold with a rating score of C.
GW Pharma | Increased +11.09% | Price $128.21
GW Pharma (GWPH) - Get Report could benefit greatly from legislation around legalizing marijuana. The House passed a bill to federally decriminalize cannabis in early Dec. and now that the Democrats have won the Senate, they can make pass their legislation.
TheStreet Quant Ratings rates GW Pharma as a Sell with a rating score of D+.
Cronos Group CRON | Increased +30.55% | Price $9.06
Cronos Group (CRON) - Get Report was one of the highest rising cannabis stocks last week after the Democrats took back the Senate. Can the cannabis sector make a comeback similar to the rise in the Bitcoin we have seen this past year?
TheStreet Quant Ratings rates Cronos Group as a Hold with a rating score of C.
