Stocks see pullbacks
On February 5, the cannabis sector retraced its steps after seeing a buildup of positive momentum over the last few weeks. The Horizons Marijuana Life Sciences ETF (HMMJ) was down nearly 1.6% at around 11:40 AM EST.
Around the same time, the stocks that were trading in the red included Aphria (APHA), which fell nearly 4.6%, OrganiGram (OGRMF), which fell nearly 3.9%, and Canopy Growth (WEED) (CGC), which fell ~2% in the first half of the day.
Other major cannabis stocks also trading in the negative included Tilray (TLRY), which fell nearly 0.4%, CannTrust (CNTTF), which fell 0.79%, and Aurora Cannabis (ACB), which fell ~2% at the midday mark.
Naturally, stocks will experience their ups and downs over time. When a stock pulls back, investors must determine whether the pullback is the result of a material event or the normal course of the market—especially when dealing with the highly volatile cannabis sector.
Overall, the sentiment remains positive in the cannabis industry. Read What’s Driving the Recent Gains in Cronos Group? to learn about the long-term outlook on Cronos Group’s partnership with Altria.