Cannabis stocks trend lower
On February 8, major cannabis stocks were trading in the red in the first half of the day, with the ETFMG Alternative Harvest ETF (MJ) losing nearly 1.3% and the Horizons Marijuana Life Sciences ETF (HMMJ) losing nearly 1.2%.
Major cannabis player Canopy Growth (WEED) (CGC) had fallen 1.3% as of around midday. Cronos Group (CRON) fell ~2%, Aurora Cannabis (ACB) fell ~2.2%, and Aphria fell ~1% in the first half of the day.
After significant gains in January, cannabis stocks have been pulling back in February. Valuations are key to determining where cannabis stocks could be headed. Read Do Cannabis Stocks Look Expensive? to know more.
Next week, three cannabis players are expected to report their earnings results: Canopy Growth, Aurora Cannabis, and—tentatively—Tilray (TLRY). Read about their earnings expectations in Aurora Cannabis: What to Expect from Its Q2 Earnings, What to Expect from Canopy Growth’s Q3 Earnings, and What to Expect for Tilray’s Earnings.