THE DATA IS THE NEWS

Cannabis

  • CannabisS3 Research

    Cannabis Sector Recap

    by Ihor Dusaniwsky

    Total short interest in the over 200 U.S. and Canadian cannabis stocks in our portfolio is $2.45 billion. Short selling is highly concentrated in a handful of names with short interest of the top twenty  most shorted stocks in the sector at $2.42 billion, 99% of the total. Short interest in the sector has increased by $706 million since the Russell 3000 market low on March 23rd , which includes $80 million of additional short selling. While short interest in the sector has increased from year-to-date low levels, it has actually decreased by just over $1.0 billion for the year which includes $182 million worth of short covering. Canopy Growth (CGC US\WEED CN) continues to be the largest short in the sector.

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  • CannabisS3 Research

    Cannabis Shorts Down $641 million in May

    by Ihor Dusaniwsky

    Total short interest in the 230 U.S. and Canadian cannabis stocks in our portfolio is $2.80 billion. The top twenty  most shorted stocks in the sector is $2.66 billion, 95% of the total. Short selling continues to be concentrated in just a handful of names which have the trading and stock borrow liquidity to support active and sizable short side activity. Today’s almost +12% rally in the cannabis sector has generated -$311 million in mark-to-market losses, bringing month-to-date losses to -$641 million. May’s losses have eaten away over three-quarters of short sellers’ year-to-date profits, they are up only +$180 million in the top twenty most shorted stocks in the sector.

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  • CannabisS3 Research

    Cannabis Shorts Down YTD on Today’s Rally

    by Ihor Dusaniwsky

    Total short interest in the 240 U.S. and Canadian cannabis stocks in our portfolio is $2.81 billion. The top twenty  most shorted stocks in the sector is $2.23 billion, 79% of the total. Short selling continues to be concentrated in just a handful of names which have the trading and stock borrow liquidity to support active and sizable short side activity. Today’s +5.5% rally in the cannabis sector has generated -$123 million in mark-to-market losses, bringing month-to-date losses to -$130 million, and year-to-date losses to -$119 million for the top twenty most shorted stocks in the sector.

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  • CannabisS3 Research

    Cannabis Shorts Up $237 million on Cowen Downgrades

    by Ihor Dusaniwsky

    Cowen Analyst Vivien Azer downgraded several cannabis stocks including Aurora Cannabis (ACB US\ACB CN) and Tilray Inc (TLRY US) which helped push cannabis sector stocks down twice as far as the general market. The top 20 shorts in our cannabis portfolio are down -6.76% in midday trading with the U.S. S&P 500 down only -3.22% and the Canadian TSX Composite down -1.64%.

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  • CannabisS3 Research

    Cannabis Short Interest Continues to Climb in 2020

    by Ihor Dusaniwsky

    Short interest of the 240 stocks in our cannabis portfolio increased by $205 million, or +5%, in 2020 as short sellers were active in the sector despite incurring year-to-date mark-to-market losses. Total short interest in our portfolio is $4.28 billion. Short selling in the sector remains very consolidated with the 20 most shorted stocks making up 83%, or $3.53 billion, of the total short interest in the sector and only six stocks with short interest over $100 million. The largest short in the sector continues to be Canopy Growth (CGC US\WEED CN) with $1.30 billion of short interest or nearly one out of every four short selling dollars going their way.

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  • CannabisEquitiesS3 ResearchTilray

    S3 Analytics: Tilray Inc Update

    by S3 Partners

    Short sellers have been covering some of their Tilray short positions over the last week. With shares shorted down 292k shares, -7.72%, as Tilray’s stock price declined by 14.24% over that same time period. Shares shorted are 3.49 million shares, $287 million of Short Interest. This is the lowest level of shares shorted since early December.

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  • CannabisEquitiesS3 ResearchSectorsTilray

    S3 Analytics: TLRY Update

    by S3 Partners

    TLRY US\CN short interest is $286 million; 3.43 million shares shorted; 33.24% of the float with a stock borrow rate on existing short positions at 182% fee (per annum).

    There is very little stock loan available in this name and there is not enough stock available for any large short sales.

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  • The mergers and acquisition activity in the Cannabis Sector continued today with Green Growth Brands Ltd. offering $2.1 billion in a hostile takeover of Aphria Inc (APHA). This follows Altria Inc’s announced $1.8 billion investment in Cronos Group (CRON); Constellation Brands purchase of 5.5% of Canopy Growth Corp (CGC); Molson Coors Brewing Co’s joint venture with HEXO Corp (HEXO); and Anheiser-Busch Inbev’s research partnership with Tilray Inc (TJRY).

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  • CannabisSectors

    S3 Analytics: Cannabis Shorts Up $157 Million After Tilson Conference

    by S3 Partners

    Author: Ihor Dusaniwsky

    Both Tilray Inc (TLRY US) and Aphria Inc (APHA US) were mentioned as attractive short plays at Whitney Tilson’s recent conference. Chris Brown of Aristides Capital LLC maintains that cannabis is in actuality a commodity business and therefore most cannabis related stocks are overvalued, and in the case of TLRY overvalued by over 40%. Fabriel Grego of Quintissential Capital expects “massive” asset write-offs at Aphria relating to South American company acquisitions which are “largely worthless.”

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