Shares of cannabis companies were broadly higher Thursday, putting the sector on track to snap a long losing streak, with Aurora Cannabis Inc.’s investors finally able to celebrate the stock’s U.S. listing.
The Horizons Marijuana Life Sciences exchange-traded fund HMMJ, +4.13% soared 5.5% in afternoon trade, with 40 of 48 components gaining ground. That put the ETF on track for its first gain in eight sessions, prospectively ending a skid that’s tied for the longest stretch of losses since the fund’s inception in April 2017. The ETF plunged 28% during the losing streak.
The ETFMG Alternative Harvest ETF MJ, +2.67% hiked higher by 4.7%, with 31 of 37 components contributing to gains, and was also on track to snap a seven-day losing streak.
Shares of the most active member of either ETF, Aurora Cannabis Inc. ACB, +3.03% rallied 1.9% as they headed for their first gains since the change in its listing to the NYSE from the OTC Markets failed to inspire investors. The stock had plunged 31% over the previous four sessions.
Earlier Wednesday, the company said it was approved to make its first shipment of medical cannabis to Poland.
Among other active stocks, Canopy Growth Corp. CGC, +4.53% climbed 6.7%, Cronos Group Inc. CRON, +6.29% ran up 9.8%, 22nd Century Group Inc. XXII, -4.69% fell 3.5% and Tilray Inc. TLRY, -2.32% eased earlier losses to gain 1.9%.
Elsewhere, shares of Green Organic Dutchman Holdings Ltd. TGODF, +6.58% rallied 6.7%, Supreme Cannabis Co. Inc. SPRWF, +2.48% rose 6.8%, Aprhria Inc. APHQF, +9.94% shot up 8.7% and India Globalization Capital Inc.’s stock IGC, -0.38% jumped 1.5%.