Cannabis stocks slump
After seeing a broader decline last week, the cannabis sector has continued its downward trajectory today. The Horizons Marijuana Life Sciences ETF (HMMJ) was trading nearly 2% lower as of 11:45 AM EST on February 11, while the ETFMG Alternative Harvest ETF (MJ) was trading ~1.4% lower.
Among major cannabis players, Aphria (APHA) had fallen nearly 8%, Canopy Growth (WEED) had fallen 6.9%, and Aurora Cannabis (ACB) had fallen 5% as of the same time. HEXO (HEXO) was down ~2.8%, while Tilray (TLRY) was down nearly 2%. On the other hand, Cronos Group (CRON) had risen ~2.3%, while OrganiGram (OGRMF) had risen ~2.3% as of the same time.
This week is an important one for cannabis investors, with Aurora Cannabis scheduled to report its earnings results later today and Canopy Growth (CGC) set to announce its earnings results later this week on February 14. To learn more, read What to Expect from Canopy Growth’s Q3 Earnings.
Investors are treading cautiously ahead of these companies’ earnings announcements, as they’ll set course for other cannabis stocks and industry expectations for the rest of the year.
For more of the latest news on the cannabis sector, read A Bill to Federally Legalize Marijuana Introduced in US.