The cannabis sector has seen one of its weakest months so far this year with most stocks trading lower since the beginning of April. The recent earnings season has led to a correction for most cannabis players within the industry despite continuing investments in growth. The Horizons Marijuana Life Sciences ETF (HMMJ) has lost nearly 3.3% so far this month while the ETFMG Alternative Harvest ETF (MJ) gave up nearly 5.6%. HMMJ lost 0.62% while MJ lost 1.1% today.
Sign up for Bagels & Stox, our witty take on the top market and investment news, straight to your inbox! Whether you’re a serious investor or just want to be informed, Bagels & Stox will be your favorite email.
Most cannabis stocks fell early today with Green Thumb Industries (GTBIF) emerging with the biggest loss, down 2.6%. KushCo Holdings (KSHB) was down 1% while Innovative Industrial Properties (IIPR) was sightly up, by 0.14%.
Early this morning, Joe Biden, who hasn’t supported cannabis legalization, announced his bid for the 2020 US presidential race, which may explain some of the weakness in the market today.
Tilray (TLRY) followed with its stock losing nearly 2.1% during the day. Tilray is among the few cannabis stocks with negative returns year-to-date, at 31%.