Trading in the red
Today, the overall cannabis sector was trading in the red with the Horizons Marijuana Life Sciences ETF (HMMJ) declining nearly 2% while the ETFMG Alternative Harvest ETF (MJ) was trading nearly 1.5% lower.
Major cannabis stocks that were trading in the red include Tilray (TLRY), which was down about 5.2%, while Canopy Growth (WEED)(CGC) wasn’t far behind, also trading lower by about 5.2% around noon.
Aurora Cannabis (ACB) lost about 2.9% while Aphria (APHA) was down 1% and Cronos Group (CRON) lost about 0.43%.
CannTrust (CNTTF) and HEXO (HEXO) were also in the negative territory, trading lower by nearly 2.7% and 0.7%, respectively.
The broader cannabis sector appeared to pause having gained significant ground so far in January.
However, OrganiGram (OGRMF), which released its earnings yesterday, was in positive territory with a 3.5% gain. The stock popped nearly 18% yesterday. Later in the day, watch out for our key takeaways report on OrganiGram’s earnings.
The cannabis sector remains attractive after getting positive attention from legislators and experts. Just yesterday, we saw Jim Cramer calling CRON the Second-Best after CGC. Also, watch out for our analysis of Jim Cramer’s prediction about the cannabis industry later today.