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Major marijuana stocks experience downward pressure this week
There has been extreme volatility in the share prices of Canadian-based cannabis companies’ stocks from their day one after getting listed on the US stock exchanges. All the major marijuana stocks, including Canopy Growth (NYSE: CGC), Aphria (NYSE: APHA), Aurora Cannabis (NYSE: ACB), Tilray (NASDAQ: TLRY), Cronos Group (NASDAQ: CRON) and the 2019 NYSE listed CannTrust Holdings (NYSE: CTST) felt the heat this week with their stock prices tumbling from last week’s levels.
Shares of Canopy Growth, which plummeted to its six-month low during today’s trading, dropped 7% from yesterday’s closing price. The stock has plunged about 15% from last weekend. Canopy Growth had support at $40 during April and June this year. This week the stock broke that support level and has been trading below $40.
Earlier this month, Canopy Growth’s Co-CEO Bruce Linton was forced to resign from his post. Constellation Brands (NYSE: STZ), which invested massively in Canopy Growth last year, said recently that the Corona beer maker was not happy with the pot company’s poor performance in the recently ended quarter.
Aphria, which reported disappointing Q3 results in April, was also down 5% from yesterday’s close and slipped 9% from last Friday’s closing price.
Also Read: Aphria stock sinks on Q3 results
Aurora Cannabis stock, which soared about 50% this year to $7.54 at the end of last week, dropped 10% from last week’s closing price. After February this year, shares of Aurora had fallen below the $7 mark today.
Shares of other pot companies, Tilray and Cronos Group shed 8% and 7% respectively from their last week’s closing prices.
CannTrust Holdings, which started trading on NYSE on February 25, 2019, plummeted to a new 52-week low ($2.50) today. CannTrust announced on Monday that it received a compliance report from Health Canada notifying that the company’s greenhouse facility in Pelham, Ontario was non-compliant with certain regulations.
Also Read: Marijuana vs US: Will Aurora Cannabis survive in the banned market?
CannTrust added that the impacts of this report on the company’s financial results are unknown until Health Canada completes its quality testing of products from Pelham, which is currently on hold. CannTrust stock plunged about 50% from last week’s closing price.
A roller coaster ride is expected in these cannabis companies’ stock price movements when they report their quarterly earnings results during the upcoming earnings season.
Listen to on-demand earnings calls and hear how management responds to analysts’ questions
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