This cannabis stock is down 24% and bringing the entire sector down with it:
A revenue warning from Hexo Corp. battered the broader cannabis sector on Thursday, sending the stock down 24% and putting it on track for its worst-ever, one-day percentage loss.
MKM analyst Bill Kirk said the news was very disappointing, but that the company is still well positioned for the coming launch of derivative products in Canada and that it may be “more of a delay than lost opportunity. On Wednesday, Statistics Canada released crowdsourced price data for the black and legal markets and found an average legal price in the third quarter of C$10.23 a gram, almost double the black market average price of C$5.59 a gram.
Read now: Canopy Growth’s remaining CEO talks about pot company’s shake-up, and the search for his replacement “I think this is absolutely positive that McConnell is meeting with stakeholders in the cannabis market,” PI Financial analyst Jason Zandberg told MarketWatch. “The U.S. market needs the banking act to flourish, without it — there are legitimate companies that are following the rules that are facing major obstacles. Banking legislation would be a huge positive catalyst.”
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