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TLRY, CGC, CRON, and CTST Continue to Slide on April 11


Nov. 20 2020, Updated 5:13 p.m. ET

Cannabis sector weakness

The first half of April 11 proved to be yet another dampener for cannabis investors’ expectations.

The Horizons Marijuana Life Sciences ETF (HMMJ) fell ~1.8% in the first half of the day, and the ETFMG Alternative Harvest ETF (MJ) fell ~1.7% during the same timeframe.

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The underperformers

CannTrust (CTST) was among the market’s biggest underperformers, with its stock sliding as much as 4.7% as of around noon, followed by Green Thumb Industries (GTBIF), which was down 4.6% as of around the same time. CannTrust’s fall has been fueled by its weak earnings, and an end doesn’t appear to be in sight.

Canopy Growth (WEED) (CGC) was also among the biggest underperformers in the space. Its stock was down 4.2%, followed by Cronos Group (CRON), which was down nearly 3.3% as of around midday.

The recently debuted Slang Worldwide (SLNG) had fallen 2.3% as of around noon on April 11. Cannabis stocks are slumping as investors are treading carefully amid warnings of a global economic slowdown.

Some of the other stocks that were also in red this morning included Tilray (TLRY), which fell 3.4%, and Aurora Cannabis (ACB), which was down ~2.6% as of around the same time.

While these stocks have continued to slump, there are signs that the United States is warming up to cannabis. Just yesterday, US Attorney General William Barr indicated his support for cannabis legalization. Read What’s Attorney General Barr’s Take on Marijuana Legalization? for more information.


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