Before Canopy Growth’s (WEED) (CGC) earnings, most cannabis stocks fell. Canopy Growth fell nearly 1.6% at 11:45 PM EST on February 14. The cannabis sector ETF, the Horizons Marijuana Life Science ETF (HMMJ) fell nearly 0.73% on February 14, while the ETFMG Alternative Harvest ETF (MJ) fell ~1%.
Moving down the list of stocks that were trading in the red, Aurora Cannabis (ACB) lost nearly 2.7%, while OrganiGram (OGRMF) wasn’t far behind. OrganiGram stock fell ~2.6%.
Aphria (APHA) fell ~2.3%, while Tilray (TLRY) fell ~1.8% during the day. CannTrust (CNTTF) fell 1.7%, while HEXO (HEXO) fell ~1.4% around 12:00 PM EST on February 14. Cronos Group (CRON) wasn’t impacted as much as these stocks. Cronos Group fell ~0.29%.
Canopy Growth is scheduled to release its earnings after the market closes on February 14. Canopy Growth’s earnings will likely set the tone for other stocks. Investors are cautious before the big earnings release. Analysts lowered their estimates before the company’s earnings. To learn more, read Analysts Revised Canopy Growth’s Q3 Estimates.
To learn more about Aurora Cannabis, read Aurora Cannabis: Notes from Its Earnings Call.