The Highlights
Cannabis stocks earned their fifth-straight week of positive returns, with the US cannabis MSOS ETF gaining 11.95% and the global YOLO ETF gaining 5.56%. YTD, MSOS is +45.64% and YOLO is +25.82%. The gap between US and foreign cannabis stock performance continues to widen. MSOS had $44.8 million of inflows last week. The $17.8 million on February 1 was the largest one-day inflow since October 2, 2023. AUM of the ETF is $1.01 billion. Trulieve (CSE: TRUL, OTCQX: TCNNF) had another strong week, gaining 27.22% and is +111.71% YTD and +212.64% since the HHS recommendation on August 29, 2023. Trulieve would be a big beneficiary of 280E removal (due to its retail footprint) and has the most stores of any publicly traded company in Florida and Pennsylvania—two key states that may begin adult-use sales in 2025. Cresco (CSE: CL, OTQCQX: CRLBF) +30.46% and Jushi (CSE: JUSH, OTCQX: JUSHF) +30.42% were also big winners last week. AYR (CSE AYR, OTCQX: AYRWF) -4.89% and The Cannabist (NEO: CBST, OTCQX: CBSTF) -10.99% had the weakest returns of the larger operators. California’s LEEF Brands (CSE: LEEF, OTCQX: LEEEF) announced a strategic partnership with AG Advisors LLC for cultivation management services on its 1,900-acre ranch in Santa Barbara County. This new grow site is being planted this spring and will feed its extract line. The stock rose 42.11% this week and is +149.56% YTD. The New York Times wrote an article on Berner and how he built the Cookies Empire. We were interviewed and quoted in the story. Those interested can access the link in our full report. We were interviewed by Howard Penney at Hedgeye Risk Management. We discussed the series of catalysts that may continue to push pot stocks higher in 2024. Subscribers can watch it via a link in our full report and we shared the slides from our conversation on X.
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