This Week In Cannabis: Tilray, Aphria, Sundial Go For A Ride; ETFs Pop With CNBS Advancing 99%

Recall last month, when users of Reddit’s popular WallStreetBets forum caused shares of GameStop Corp. (NYSE: GME) to spike by creating a massive short squeeze on the stock. The group also targeted AMC Entertainment Holdings Inc (NYSE: AMC).

This forced short sellers to buy more in order to forestall massive losses, sending the stock price on a meteoric rise.

Well, last week, their sights were set on .

Swaggy Stocks — a website that tracks ticker sentiment on WallStreetBets — noticed Sundial Growers Inc (NASDAQ: SNDL), Tilray Inc. (NASDAQ: TLRY) and Aphria Inc. (NASDAQ: APHA) went along for the ride:

  • Sundial jumped 79% on Wednesday
  • Tilray spiked 51%
  • Aphria grew 11%.

This was short lived. By Thursday, Tilary fell 50%, Aphria dipped 36% and Sundial closed down 19%.

On Friday, Tilray shares closed down 9.83%, while Sundial closed down 12.61%. Aphria was up slightly by 0.36%. 

Benzinga Cannabis content is now available in Spanish on El Planteo.

Other Cannabis Spikes

ETFs popped. Over the last five trading days:

  • The ETFMG Alternative Harvest ETF (NYSE: MJ): gained 70.73%
  • The AdvisorShares Pure Cannabis ETF (NYSE: YOLO): was up 59.18%
  • The Cannabis ETF (NYSE: THCX): rose 84.6%
  • The Amplify Seymour Cannabis ETF (NYSE: CNBS): advanced 99%
  • The SPDR S&P 500 ETF Trust (NYSE: SPY) was up 5%.

Regulatory Updates

Cannabis reform legislation in Minnesota is poised to receive its first hearing in the House Commerce Finance and Policy Committee on Wednesday, Feb. 17.

Cannabis business owners in Iowa may get a bit of financial relief if the Iowa Department of Public Health and the University of Iowa agree to slash patient and provider fees to $2,000 a year and set up an income tax deduction for expenses.

Colorado awarded High Country Supply with its first recreational marijuana delivery permit. The company noted it expects to begin deliveries by March 1.

Wisconsin Gov. Tony Evers will include marijuana legalization in his budget proposal to ensure "a controlled market and safe product are available for both recreational and medicinal users.” The program could yield around $165 million per year, starting fiscal 2023, he says.

New Jersey Gov. Phil Murphy signed a bill that modifies penalties for magic mushroom possession. The new bill reduces conviction for those caught owning less than one ounce of psilocybin mushrooms from up to five years in prison to only six months. Fines of up to $35,000 would drop to $1,000. Previously, it was a third-degree crime. Now, less than one ounce is considered a disorderly person offense.

's ballot results from Nov. 3 were deemed unconstitutional by a judge. The decision is in line with challenges made by Gov. Kristi Noem, who ordered a lawsuit to overturn the adult-use portion of the ballot results …

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