TLRY Hits Seven-Month Low as Cannabis Sector Sees Weakness

Cannabis stock Tilray (TLRY) hit a seven-month low, with the stock declining about 3% around noon ET today to $61.6 per share. The stock continued to weaken as broader market sentiment continued to tread caution over global weakness concerns. Tilray remained among the worst performers so far this year with a year-to-date loss of 16.3%.

The overall cannabis sector, represented by the Horizons Marijuana Life Sciences ETF (HMMJ), was broadly lower around midday, declining 0.78%, and the ETFMG Alternative Harvest ETF (MJ) fell 0.48%.

Besides Tilary, CannTrust (CTST) also continued to move lower. The stock lost about 1.6% around 12:00 PM ET. CannTrust has lost almost 25% since the company reported its earnings toward the end of March.

KushCo Holdings (KSHB) and OrganiGram (OGRMF) were also trading in negative territory at around noon. These two stocks lost about 1.5% and 1.4%, respectively. Innovative Industrial Properties (IIPR) fell 1% while Canopy Growth (WEED) lost about 1% around the same time as well.

HEXO (HEXO) was also trading in the red with a 0.57% decline while Aurora Cannabis (ACB) wasn’t far behind with a decline of 0.59%. As these stocks continued to trend lower, the S&P 500 Index and the TSX Composite Index were almost flat at around noon.