Cannabis stocks tumbling alongside broader market Thursday
Cannabis stocks fell Thursday, swept up in the broader stock market rout as trade tensions between China and the U.S. ramped up after President Donald Trump threatened further tariff retaliation.
The two main cannabis exchange-traded funds have fallen in sympathy. The Horizons Marijuana Life Sciences ETF and the ETFMG Alternative Harvest ETF have both declined more than 4% in the week so far. The survey comes ahead of the legalization of edibles in Canada in October. Only 36% of those surveyed said they would purchase cannabis-infused food products, down from 46% in the 2017 survey.“With cannabis edibles being legalized in October, we are frankly curious about the decrease in interest expressed by survey respondents,” said Brian Sterling, one of the report’s co-authors. “We would like to understand that shift.
Aurora Cannabis Inc. ACB, -2.27% ACB, -1.90% shares fell 3.6%. The company said it has been selected by the Luxembourg Health Ministry to be exclusive supplier of a second delivery of medical cannabis to the Duchy. The company said the initial bid quantities are small, but that it showed its ability to work in complex, restricted markets.
Elsewhere in the sector, Aphria Inc. APHA, -3.17% APHA, -3.10% was down 3.5% and Hexo Corp. HEXO, -3.21% was down 3.6%. Market leader Canopy Growth Corp. CGC, -3.63% WEED, -3.13% was down 3.3%. Tilray Inc. TLRY, -1.76% fell 2.5%.
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