THE DATA IS THE NEWS

Cannabis

  • 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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  • The weeklong rally from last week’s lows has taken a bite out of the $93.7 billion of mark-to-market profits, +11.12%, short sellers have earned since the beginning of October. Over the last week the S&P 500 index increased by 3.31%, the Nasdaq by 4.3% and the Russell 3000 by 3.23%. The S3 Blacklight platform tracks over 8,000 U.S. domestic equity shorts worth over $825 billion, which incurred mark-to-market losses of $23.3 billion, or -2.86%, over the last week.

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  • CannabisSectors

    S3 Analytics: New Age Beverage Corp (NBEV US) Short Interest is at $46.17 Million

    by S3 Partners

    New Age Beverages Corp (NBEV US) short interest is $46.17 million, with 12.75 million shares shorted, for 24.30% of float.

    Stock borrow fees are easing as more lendable inventory are hitting the street. Stock borrow fees averaged a 36% fee over the first three quarters of 2018, hit a 120% fee in late September, and averaged over a 46% fee in early November. They have now dropped to 27.69% fee. Average NBEV short interest for the year has only been $21 million, but those short sellers have paid just over $7 million in stock borrow costs.

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  • CannabisSectors

    S3 Analytics: Cannabis Short Sellers Nearly Recoup Wednesday’s Losses

    by S3 Partners

    Cannabis stocks rallied over 8% yesterday on euphoria that Attorney General Jeff Session’s resignation would bode well for U.S. cannabis policy. Today, clearer minds prevailed and cannabis stocks gave back most of yesterday’s run-up when investors realized the likelihood that there would be short term legislative changes to federal cannabis policy was unlikely.

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