Rounding up cannabis stocks
As of noon Eastern Time today, the Horizons Marijuana Life Sciences Index ETF (HMMJ) and ETFMG Alternative Harvest ETF (MJ) were trading 44 and 89 basis points lower, respectively, suggesting pessimism in the cannabis sector.
Earlier today, AB InBev CEO Carlos Brito indicated in an interview with CNBC that marijuana might not have been behind beer sales falling, which could explain the market pessimism. We’ll analyze the topic more fully later this week.
Major cannabis stocks’ performance has been mixed, with Cronos Group (CRON) having fallen 4% as of noon and Tilray (TLRY) down 2% after its announcement of another acquisition yesterday. To learn more about the deal, read Tilray Acquires Natura Natural Holdings to Expand Its Capacity.
Other stocks trading lower include Aphria (APHA), Aurora Cannabis (ACB), and Canopy Growth (CGC) (WEED), which had fallen 1.1%, 0.32%, and 0.30% by noon, respectively. For more cannabis stocks, read Valuations of CRON, HEXO, and Others : Which Stocks Look Cheap?