Cannabis stocks are falling
Aurora Cannabis (ACB) was trading in the red as of 11:00 AM EST today after the company announced that it would be raising $250 million worth of capital through convertible notes. The stock was down 4.5% in the first half of the trading session on January 17.
Tilray (TLRY) has also continued to trade lower today, falling nearly 1.6% to ~$84. Aphria (APHA) is another stock that’s been trading in the red, falling 1.2% so far. No specific event has led the falls of these stocks as of the time of writing.
In contrast to these cannabis companies, the overall sector represented by the Horizons Marijuana Life Sciences ETF (HMMJ) was up 33 basis points in the early trading session today. Canopy Growth (WEED) (CGC) has continued to gain ground, rising nearly 3% on the NYSE and ~4% on the TSE.
Earlier today, we released a series discussing analysts’ ratings and price targets for three of the above-mentioned stocks. Read Analysts’ January Rating Updates for TLRY, CGC, and ACB to learn more.