Home Cannabis Midday Update: Checking In on Cannabis Stocks on February 7

Midday Update: Checking In on Cannabis Stocks on February 7

Cannabis stocks

On February 7, around midday, the cannabis sector’s performance was largely mixed, with a handful of stocks trading in positive territory and some continuing to decline.

The Horizons Marijuana Life Sciences ETF (HMMJ) was almost flat at noon. Let’s look at how other cannabis players have been trading.

Aphria and Green Growth's Stock Trend 2019-02-06

Stocks in the red

After rejecting Green Growth Brands’ takeover bid yesterday, Aphria (APHA) continued to slide today and was down nearly 3.6% at around noon. Green Growth, on the other hand, was up ~5.5% at around the same time. Besides Aphria, Canopy Growth (CGC) (WEED) was down nearly 1.5%, Tilray (TLRY) was down ~1.8%, and CannTrust (CNTTF) was down ~1% around noon.

Aphria’s board unanimously rejected Green Growth’s offer for reasons discussed in detail in our series Aphria Has Rejected Green Growth’s Takeover Bid—Here’s Why.

Stocks in the green

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Cannabis stocks that were trading in the green as of noon included Cronos Group (CRON), which was up ~3.8%. Aurora Cannabis (ACB) was up ~1.5%, and HEXO (HEXO) was up nearly 0.71%. The newly debuted SLANG Worldwide was up nearly 2% in the first half of the day.

Canopy Growth will be reporting its earnings results next week. Read about what analysts expect for the company in What to Expect from Canopy Growth’s Q3 Earnings.

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