On April 17, Tilray (TLRY) remained muted, with the stock almost flat as of noon. The stock remained depressed as the overall cannabis industry has slumped in April. Innovative Industrial Properties (IIPR) was also trading lower. It fell 2.1% around noon.
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Aphria (APHA) resumed its decline after it reported earnings on April 15. The stock took a beating after it missed analysts’ estimates. The stock was trading down 5% around midday. Early this morning, Cormark Securities cut its price target on Aphria to 14 Canadian dollars from 15 Canadian dollars. However, the consensus price target for Aphria rose to 16.9 Canadian dollars from 16.8 Canadian dollars following its earnings release. The company was optimistic about its growth prospects. During its earnings call, Aphria’s Interim CEO, Irwin D. Simon, stated that the company is working on attaining 1 billion Canadian dollars in sales by 2020.
Other cannabis stocks (MJ) trading in the red include Supreme Cannabis (SPRWF), which fell 2% in the first half of today’s session, and KushCo Holdings (KSHB), down 1.1%. Emerald Health (EMHTF), on the other hand, inched up 1.4% around midday.