The ETFMG Alternative Harvest ETF MJ, +3.92% ran up 4.0%, with 25 of 37 components trading higher. It has gained 19% amid a six-session win streak. The Horizons Marijuana Life Sciences ETF HMMJ, +5.34% hiked up 4.9%. Among the sector’s more-active stocks, Aurora Cannabis Inc. ACB, +3.54% surged 3.3%, Canopy Growth Corp. CGC, +7.94% rose 8.8%, Cronos Group Inc.CRON, +14.18% soared 13% and Tilray Inc. TLRY, +5.46% rallied 5.6%. Shares of GW Pharmaceuticals PLC GWPH, -0.69% slipped 0.8%, although Morgan Stanley reiterated its overweight rating and price target of $227, which was 59% above current levels. Analyst David Lebowitz expects strong demand for Epidiolex, the first cannabis-based drug on the market approved by the Food and Drug Administration, with sales expected to be recorded starting in the fourth quarter. The ETFMG ETF has rallied 30% over the past three months, while the S&P 500SPX, +0.49% has lost 3.5%.
The ETFMG Alternative Harvest ETF (MJ) was trading at $34.81 per share on Tuesday afternoon, up $1.39 (+4.16%). Year-to-date, MJ has gained 7.03%, versus a 3.38% rise in the benchmark S&P 500 index during the same period.
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