Cannabis stocks struggle
The cannabis sector has continued to struggle on the last day of April, and it may very well end up in negative territory. This underperformance has been the theme for most of April, suggesting that investors are taking a step back to see what happens in the industry. The ETFMJ Alternative Harvest ETF (MJ) was down 0.79% as of noon on April 30.
HEXO, IIPR, and others lose
HEXO (HEXO) was among the top losers with a fall of 5.5% in the first half of the day. However, HEXO has been one of the strongest companies in terms of returns so far this year with a return of more than 100%.
Innovative Industrial Properties (IIPR), which deals in cannabis-related properties, was down nearly 3% as of noon today. The stock largely moved sideways in April with a gain of just ~1.5%. Tilray (TLRY) was another stock that was down 2.5% as of around noon. Note that Tilray was trading at its eight-month low.
Slang Worldwide (SLNG) and CannTrust (CTST) were also down on April 30 with falls of 4.2% and 3.5%, respectively, as of around midday. CannTrust has fallen nearly 13% so far in April. Most cannabis stocks have continued to invest in the future, with CannTrust recently announcing that intends to raise ~$200 million for expansion purposes.