Not all US stocks participated in the big runup this past week or show a similar stairstep pattern...MedMen did have a few steps but then broke down a bit. But as you said their situation is somewhat unique so I would expect a little variation from stock to stock.
As I've mentioned here before almost all these pot stocks still show a huge correlation to one another and often move up and down in unison. I think that shows that many investors/speculators still treat them as a homogeneous entity...the sector is still not very mature and as time goes on I would expect that we will start to see them begin to behave more independently from each other as real earnings become more important than just hype to institutional investors who want to see results. That's when the better companies will begin to separate themselves based on performance and the losers will begin to fall by the wayside...and there will be more than a few in that latter category.
If anybody wants to see just how closely some of the stocks follow each other just plot HEXO & OrganiGram together on a price chart sometime. These are two of my favorites as far as Canadian-operators are concerned...they are both mid-caps that IMO are undervalued compared to the big boys and I have successfully swing traded them several times. I was shocked when I finally put them on the same chart a few days ago. Since I follow these 2 pretty closely I am familiar with their price action and had noticed they usually track each other, but it wasn't until I compared them on the same chart that I saw just how much the same they really are. I used their prices starting in mid-October of last year and then plotted their % change based on those prices and while HEXO usually had larger % gains and losses the two lines tracked each other almost perfectly moving up and down in unison. I added a couple others and they too also tracked to a large degree. It was a real eye opener and confirmed my suspicion that many MJ stocks are still much too closely linked at this early stage but that will eventually change with time. The cream always ends up eventually rising to the top given enough time.
News 
Market Data 
Discover 
