Although the cannabis market has a miserable time of it this week, Chemistree Technology Inc (CNSX:CHM) (OTCMKTS:CHMJF) (FRA:CM1) price trend remains pointed up—for now. While investors can’t exactly let their guard down, the company will nonetheless take this price action status quo 100% of the time.
For the week, the numbers point to a sector weakness across the board—although not devastatingly so. The benchmark Horizons Marijuana Life Sciences Index ETF (HMMJ) declined $0.62 (↓3.09%), which could have been worse had GW Pharmaceuticals not gained $2.79 (+1.60%) over the past five sessions. GWPH currently constitutes 9.53% of the ETF’s total holdings. HMMJ pierced the $20/share barrier this morning, but could not break high 19’s support levels from mid-April.
Correspondingly, performance in the U.S. Marijuana Index was slightly worse, losing a little less than four percent. After a recent period of noticeable under-performance versus the S&P 500 (↓2.01 for the week, although it felt like more), both cannabis indexes again eroded more than the broad market.The action was best characterized by widespread bid erosion versus hard selling, although individual names such as Tilt Holdings continued to get hit on recent news flow (excluding today’s notable rebound).